Review: Unit One

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This document contains a series of questions and prompts from an economics review unit. It includes questions about opportunity costs, characteristics of market economies, production possibilities curves, factors of production, and economic incentives. The document is a collection of questions and prompts from an economics class reviewing key concepts.

Technology Economy & Finance

reviewunitone.notebook September 27, 2010

When you make a decision,
What are the
this is what you give up, basic economic
your second best choice questions?

Sep 22 7:23 AM Sep 22 7:27 AM

What is the largest Name 3
opportunity cost of characteristcs of a a
attending college? market economy

Sep 22 7:35 AM Sep 22 7:35 AM

7

According to the economic
Who benefits from a voluntary, perspective, You should go to a
economic transaction. movie if........
________________________________
________________________________
__________________________

Sep 22 8:42 AM Sep 22 8:39 AM

1

reviewunitone.notebook September 27, 2010

This characteristic of a Name a
market economy leads disadvantage of a
to lower prices and command economy
better quality and
service.

Sep 22 7:36 AM Sep 22 7:37 AM

Name two things that What is the difference
PPC curves tell us between tradeoffs and
opportunity costs

Sep 22 7:37 AM Sep 22 7:37 AM

Wants > Availability of
resources = ? Name a capital good

Sep 22 7:37 AM Sep 22 7:37 AM

2

reviewunitone.notebook September 27, 2010

Give an exapmle of an If something becomes more
economic incentive costly, people generally do
_____________ of that activity.

Sep 22 7:47 AM Sep 259:38 AM

According to the
Needs vs. Wants economic perspective,
what does every choice
have?

Sep 259:36 AM Sep 22 7:47 AM

This term means A measure of the amount of
maximizing output from a output produced by a given
given set of resources amount of inputs in a specific
period of time.

Sep 22 7:47 AM Sep 2210:22 AM

3

reviewunitone.notebook September 27, 2010

Individuals sell scarce Give me an example of an
resources in this market opportunity cost
of the circular flow model

Sep 22 7:47 AM Sep 22 7:47 AM

Which factor of
production includes
people's skills and
abilities

Sep 22 7:47 AM Sep 22 7:47 AM

benefit or satisfaction Why are butchers motivated to
produce steaks in a market
economy?

Sep 22 7:47 AM Sep 22 10:17 AM

4

reviewunitone.notebook September 27, 2010

What was the coolest TANSTAAFL
document written in
1776?

Sep 22 7:47 AM Sep 22 7:47 AM

Why did Adam Smith Why some essentials are
write about a pin factory inexpensive and nonessentials
are very expensive

Sep 22 7:47 AM Sep 22 8:46 AM

Why is the economic
The sum of people's skills perspective unpopular?
abilities, and motivaiton.

Sep 22 8:47 AM Sep 22 9:20 AM

5

reviewunitone.notebook September 27, 2010

What happens to
the opportunity
costs as you
move from a to b
to c. What term
describes this
effect?

Sep 22 7:47 AM

6

This document discusses key economic concepts including consumption, saving, the multiplier effect, investment demand, and how changes in government spending and taxes can impact GDP through the multiplier. It provides examples of how an initial $1,000 change in spending can multiply into $2,000 in total income due to subsequent rounds of spending. It also notes that the size of the multiplier depends on the marginal propensity to consume.

Graphs 2 Know for the AP Macroeconomics Exam

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The document contains summaries and graphs related to key macroeconomic concepts including: 1) The production possibilities curve shows opportunity costs and efficiency levels of an economy. 2) The aggregate demand/aggregate supply model shows equilibrium, recession, and inflation conditions based on the relationship between output and price levels. 3) The money market and loanable funds market graphs demonstrate how interest rates are determined by the supply and demand for money and loanable funds. 4) The Phillips curve illustrates the relationship between inflation and unemployment in the short and long run.

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1. The document discusses the differences between changes in demand versus changes in quantity demanded, and changes in supply versus changes in quantity supplied through graphs of the corn market. 2. It also covers common mistakes in labeling graphs, such as mislabeling the axes or failing to specify whether a change is in demand or supply. 3. Finally, it provides advice for the exam, such as not restating the question, using correct terminology, drawing graphs even if not required, and explaining reasoning.

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The document provides an overview of key concepts in economics including price elasticity of demand, production costs, market structures such as perfect competition and monopoly, and oligopoly behavior. It defines the price elasticity coefficient and formula, explores total revenue tests and how price impacts total revenue under different elasticities. It also examines short-run and long-run production costs and the impact of economies and diseconomies of scale. Finally, it discusses profit maximization and loss minimization for competitive firms and monopolies as well as game theory applications to oligopoly behavior.

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1. The document covers various microeconomics concepts including price elasticity of demand, production costs, profit maximization, market structures, and resource markets. 2. Key graphs show the relationships between marginal revenue and marginal cost in determining profit-maximizing output for different market structures like perfect competition, monopoly, and oligopoly. 3. Labor market graphs illustrate the equilibrium wage rate and employment level under conditions of perfect competition and monopsony.

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The document discusses different models of labor markets and wage determination: 1) In a purely competitive labor market, the wage rate is determined by the equilibrium of supply and demand where firms are "wage takers". 2) A monopsony model features a single buyer of labor that can influence wages by facing an upward-sloping labor supply curve. This allows the firm to pay wages below competitive levels. 3) Union models include demand-enhancement unions that increase wages by boosting product demand or productivity, and exclusive craft unions that restrict membership to artificially limit labor supply and increase wages.

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This document discusses the advantages of investing in an Individual Retirement Account (IRA). It notes that contributing to an IRA provides a tax break from the government. However, there is a catch - withdrawals before age 59 1/2 are penalized with a 10% fee plus taxes. The document uses an example to show how investing $5,000 pre-tax in a 401K leaves a family with more money than investing post-tax in a regular savings account. It outlines different types of IRAs like 401Ks, where money is contributed pre-tax but taxes are due on withdrawals, and Roth IRAs, where contributions are made post-tax but withdrawals in retirement are tax-free. The importance of diversifying investments across

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The document provides an overview of market structures and firm behavior in microeconomics. It defines four main market models - pure competition, pure monopoly, monopolistic competition, and oligopoly. For each model, it discusses characteristics like number of firms, entry barriers, and pricing behavior. The document also covers concepts like profit maximization, costs of production, efficiency under perfect competition, and strategic pricing in oligopolistic markets.

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This document summarizes key concepts about monopolistic competition and oligopoly market structures. It discusses how monopolistic competition involves a relatively large number of sellers offering differentiated products, with easy entry and exit into the market. Firms have some control over price in the short run but experience zero economic profits in the long run. The document also describes how oligopolies have a small number of large producers offering either homogeneous or differentiated products, with strategic interdependence between firms. Oligopolies can involve collusion, price leadership, or noncooperative behavior modeled using game theory.

AP Micro Pure Monopoly

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1. The document discusses market structures and pure monopoly. A pure monopoly is characterized by a single seller, no close substitutes, price making ability, and blocked entry from competitors. 2. Barriers to entry for competitors of a pure monopoly include economies of scale, legal protections like patents, and control of essential resources. A natural monopoly exists when average total costs decline continuously with increasing output. 3. Under pure monopoly, the profit-maximizing firm will produce at the quantity where marginal revenue equals marginal cost and charge a price determined by the demand curve. This results in a higher price and lower quantity than under perfect competition.

AP MIcro Perfect Competition

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1) The document discusses the concept of pure competition and profit maximization for firms in pure competition. It defines the characteristics of pure competition and how demand is perceived by purely competitive firms as perfectly elastic. 2) It then covers the two approaches firms use to maximize profits in the short-run: total revenue-total cost and marginal revenue-marginal cost. Both approaches are shown to result in the rule of producing at the quantity where marginal revenue equals marginal cost. 3) The document concludes by discussing how purely competitive firms maximize profits in the long-run through free entry and exit until economic profits are driven down to zero and price equals minimum average total cost.

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Economic Profit vs. Accounting Profit

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The document discusses the difference between accounting profit and economic profit for a business venture called Red's Phat Burritos. Accounting profit only considers explicit costs, which for this business was $2000. However, economic profit also accounts for implicit opportunity costs of $3000, such as wages that could have been earned elsewhere. When these implicit costs are included, the economic profit for Red's Phat Burritos was actually a $1000 loss rather than the $2000 accounting profit.

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The document discusses concepts related to consumer behavior and utility maximization. It provides examples of how consumers will allocate their budget to maximize total utility based on the principles of marginal utility and diminishing returns. When the price of a good changes, consumers will alter their consumption through income and substitution effects to stay on the highest indifference curve permitted by their new budget constraint. Graphs and algebraic representations are used to derive the demand schedule and demand curve from utility-maximizing choices.

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This document provides several concise ways to teach personal finance concepts through examples and calculations. It explains that saving $4,000 per year from ages 16 to 20 with a 10% annual return can result in $1 million by age 65. It also uses the rule of 72 to show how investment amounts can double over time based on interest rates. Additional examples demonstrate the benefits of starting to save and invest early, as well as the advantages of tax-deferred retirement accounts over regular savings. Diversifying investments across multiple areas is also emphasized as a risk reduction strategy.

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Review: Unit One

1. reviewunitone.notebook September 27, 2010 When you make a decision, What are the this is what you give up, basic economic your second best choice questions? Sep 22 7:23 AM Sep 22 7:27 AM What is the largest Name 3 opportunity cost of characteristcs of a a attending college? market economy Sep 22 7:35 AM Sep 22 7:35 AM 7 According to the economic Who benefits from a voluntary, perspective, You should go to a economic transaction. movie if........ ________________________________ ________________________________ __________________________ Sep 22 8:42 AM Sep 22 8:39 AM 1

2. reviewunitone.notebook September 27, 2010 This characteristic of a Name a market economy leads disadvantage of a to lower prices and command economy better quality and service. Sep 22 7:36 AM Sep 22 7:37 AM Name two things that What is the difference PPC curves tell us between tradeoffs and opportunity costs Sep 22 7:37 AM Sep 22 7:37 AM Wants > Availability of resources = ? Name a capital good Sep 22 7:37 AM Sep 22 7:37 AM 2

3. reviewunitone.notebook September 27, 2010 Give an exapmle of an If something becomes more economic incentive costly, people generally do _____________ of that activity. Sep 22 7:47 AM Sep 259:38 AM According to the Needs vs. Wants economic perspective, what does every choice have? Sep 259:36 AM Sep 22 7:47 AM This term means A measure of the amount of maximizing output from a output produced by a given given set of resources amount of inputs in a specific period of time. Sep 22 7:47 AM Sep 2210:22 AM 3

4. reviewunitone.notebook September 27, 2010 Individuals sell scarce Give me an example of an resources in this market opportunity cost of the circular flow model Sep 22 7:47 AM Sep 22 7:47 AM Which factor of production includes people's skills and abilities Sep 22 7:47 AM Sep 22 7:47 AM benefit or satisfaction Why are butchers motivated to produce steaks in a market economy? Sep 22 7:47 AM Sep 22 10:17 AM 4

5. reviewunitone.notebook September 27, 2010 What was the coolest TANSTAAFL document written in 1776? Sep 22 7:47 AM Sep 22 7:47 AM Why did Adam Smith Why some essentials are write about a pin factory inexpensive and nonessentials are very expensive Sep 22 7:47 AM Sep 22 8:46 AM Why is the economic The sum of people's skills perspective unpopular? abilities, and motivaiton. Sep 22 8:47 AM Sep 22 9:20 AM 5

6. reviewunitone.notebook September 27, 2010 What happens to the opportunity costs as you move from a to b to c. What term describes this effect? Sep 22 7:47 AM 6

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