AP微观经济学笔记 AP Microeconomics Notes 概念 图表 公式.pdfVIP

Microeconomics Unit 1: Basic Economics Concepts Key Terms- Define the following: 3 Economic Systems 1. Scarcity 1. Centrally Planned Economies Individuals, businesses, and governments have Economic system where the government owns the unlimited wants but limited resources. resources and decides what to make, how to make 2. Consumer Goods vs. Capital Goods it, and who gets it. Total government control of the Consumer goods- (ex: pizza) goods made for direct economy consumption 2. Free-Market Economies (Capitalism) Capital goods- (ex: restaurant oven) goods made for Economic system where individual citizens own indirect consumption. Goods that make consumer goods the resources and decides what to make, how to 3.Trade-offs make it, and who gets it. Little or no government ALL possible options given up when you make a choice involvement in the economy 4. Opportunity Cost 3. Mixed Economies The ONE best option given up when you make a choice Almost all economies are a mixture of the above including the money, time, and forgone opportunities. systems. Production Possibilities Curve (Frontier) Use the chart to create a PPC to the right. Shoes Calculate the 30 Opportunity Cost: A B C D E