AP微观经济重点知识点重点学习.docVIP

可编写可改正 Sherry Yao 99 AP MICRO REVIEW 1. Basic Economic Concepts (8%-14%) A. Scarcity, choice, and opportunity cost Scarcity: the limited nature of society ’ s resources Economics: the study of how society manages its scarce resources People face trade-off (efficiency or equality) Opportunity cost: whatever must be given up to obtain some item Production possibilities curve The production possibilities curve shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology Qy 1. The opp cost of Qx equals th