Exam Review October

Ap Exam Review

What is a resource?

What is scarcity?

What is an Opportunity Cost?

Normative vs Positive Statements.

Macroeconomics vs. Microeconomics.

GDP vs. GNP

Factors of Production (define: Land, Labor, Capital, Entrepreneurship).

Production Possibilities Graph.

Identify Efficient, inefficient, unattainable,

What is growth?

Shifting vs. movement along the frontier.

Capital vs consumer goods.

Unemployment vs Employed

Who makes up the labor force (who counts and who doesn’t count)?

What are the 4 types of unemployment?
Calculate Unemployment rate as a %

Supply and Demand

Normal vs. Inferior goods

Complements vs. Substitutes

What are the Dependent variables and independent variables.

What is a price floor and price ceiling?

What are the business cycle phases?

What is inflation?

What is ceteris paribus?

Absolute Advantage vs. Comparative Advantage.

What is a quota?