AP Micro 2 by Savannah Julius https://padlet.com/8juliuss/apmicro2 Thinking Like an Economist en-us 2017-09-14 02:00:14 UTC 2023-07-26 08:25:20 UTC hello@padlet.com http://www.newlywedsonabudget.com/wp-content/uploads/2011/10/thinking-cap-2.gif Quizlet 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187401719 https://quizlet.com/_3p6ith  ]]> 2017-09-14 02:02:48 UTC https://padlet.com/8juliuss/apmicro2/wish/187401719 observe, collect data, postulate theories, and observe again 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187401851 just like any other scientist]]> 2017-09-14 02:03:37 UTC https://padlet.com/8juliuss/apmicro2/wish/187401851 assumptions and models 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187401897 simplify our complex world

assume: only variables given are the ones that should be taken into consideration

models: only details given make the model true]]> 2017-09-14 02:03:51 UTC https://padlet.com/8juliuss/apmicro2/wish/187401897 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187402269 2017-09-14 02:05:36 UTC https://padlet.com/8juliuss/apmicro2/wish/187402269 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187402404 2017-09-14 02:06:13 UTC https://padlet.com/8juliuss/apmicro2/wish/187402404 Markets for goods and services 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187402436 firms sell
households buy

market!]]> 2017-09-14 02:06:24 UTC https://padlet.com/8juliuss/apmicro2/wish/187402436 markets for factors of production 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187402504 firms buy
households sell

market!]]> 2017-09-14 02:06:49 UTC https://padlet.com/8juliuss/apmicro2/wish/187402504 Firms 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187402714 produce and sell goods and services
hire and use factors of production

decision-maker!]]> 2017-09-14 02:08:04 UTC https://padlet.com/8juliuss/apmicro2/wish/187402714 Households 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187402819 buy and consume goods and services
own and sell factors of production

decision-maker!]]> 2017-09-14 02:08:38 UTC https://padlet.com/8juliuss/apmicro2/wish/187402819 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187403785 production possibilities curve]]> 2017-09-14 02:14:24 UTC https://padlet.com/8juliuss/apmicro2/wish/187403785 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187403878 A: inefficient
B: efficient - more guns than butter
C: efficient - more butter than guns
D: efficient - fairly equal amounts of guns and butter
X: unattainable with given resources]]> 2017-09-14 02:15:07 UTC https://padlet.com/8juliuss/apmicro2/wish/187403878 TRADE-OFFS and OPPORTUNITY COST 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187404172 2017-09-14 02:16:49 UTC https://padlet.com/8juliuss/apmicro2/wish/187404172 Shift in Production 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187404238 focus on graph only...

technological advancement can lead to higher possibilities in production than before]]> 2017-09-14 02:17:12 UTC https://padlet.com/8juliuss/apmicro2/wish/187404238 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187404628 positive - scientist

normative - policy adviser]]> 2017-09-14 02:19:18 UTC https://padlet.com/8juliuss/apmicro2/wish/187404628 economists disagree and have differing advice because they are people too and have differing viewpoints (normative statements) which affect their advice-giving 8juliuss https://padlet.com/8juliuss/apmicro2/wish/187404746 2017-09-14 02:19:53 UTC https://padlet.com/8juliuss/apmicro2/wish/187404746 Traditional 8juliuss https://padlet.com/8juliuss/apmicro2/wish/188672246 based off customs]]> 2017-09-18 20:55:11 UTC https://padlet.com/8juliuss/apmicro2/wish/188672246 Free Market 8juliuss https://padlet.com/8juliuss/apmicro2/wish/188672320
property is owned 
competitive prices
limited government intervention
no economic plan]]> 2017-09-18 20:55:27 UTC https://padlet.com/8juliuss/apmicro2/wish/188672320 Command 8juliuss https://padlet.com/8juliuss/apmicro2/wish/188672345 government intervention
 - sets prices
- economic plan]]> 2017-09-18 20:55:35 UTC https://padlet.com/8juliuss/apmicro2/wish/188672345 increasing opportunity cost 8juliuss https://padlet.com/8juliuss/apmicro2/wish/188907123 2017-09-19 14:17:51 UTC https://padlet.com/8juliuss/apmicro2/wish/188907123 constant opportunity cost 8juliuss https://padlet.com/8juliuss/apmicro2/wish/188907707 2017-09-19 14:18:54 UTC https://padlet.com/8juliuss/apmicro2/wish/188907707 zero opportunity cost 8juliuss https://padlet.com/8juliuss/apmicro2/wish/188908316 2017-09-19 14:20:02 UTC https://padlet.com/8juliuss/apmicro2/wish/188908316 decreasing opportunity cost 8juliuss https://padlet.com/8juliuss/apmicro2/wish/188909903 2017-09-19 14:22:56 UTC https://padlet.com/8juliuss/apmicro2/wish/188909903 Increase in Capital Goods means Increase in Consumer Goods 8juliuss https://padlet.com/8juliuss/apmicro2/wish/188911739 2017-09-19 14:25:44 UTC https://padlet.com/8juliuss/apmicro2/wish/188911739