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AP Economics > Finals > Flashcards

Finals Flashcards

1
Q

1 factor

A

Factor of production: land

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2
Q

3 capital

A

Physical capital and human capital

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3
Q

4 resource

A

Entrepreneurship

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4
Q

Comparative advantage

A

the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.

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5
Q

Absolute advantage

A

the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.

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6
Q

Total revenue

A

Price x quantity

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7
Q

Factors of inelastic

A

Few substitutes
Necessity
Inexpensive
Total revenue goes up

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8
Q

Factors of elastic

A

Many substitutes
Luxury
Expensive
Total revenue goes down

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9
Q

When price goes up, revenue ______

A

Goes down

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10
Q

Elasticity formula

A

Change in price divided by price x 100

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11
Q

Elastic formula

A

ED>1

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12
Q

Inelastic formula

A

Ed

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13
Q

Loss

A

ATC>p

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14
Q

Profit

A

ATC<p></p>

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15
Q

If the price of a good rises

A

Quantity demanded will decrease

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16
Q

The supply of a good or service is determined by

A

Those who sell the good or service

17
Q

An upward sloping supply curve for a firm shows us

A

The increasing costs associated with producing more of a product

18
Q

Economics

A

The study of the allocation of scarce resources

19
Q

Which of the following determinants would not cause a shift in supply?

A

Number of buyers

20
Q

If the price of a good rises

A

Quantity demanded decreases

21
Q

Average total cost dropping means

A

Economies of scale

22
Q

When a firm experiences constant returns to scale

A

Long run average total cost does not change as output increases

23
Q

Explicit costs:

A

Require spending money

24
Q

Implicit costs:

A

Are all opportunity costs

25
Q

Finding TVC

A

AVC x Q

AP Economics (4 decks)

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