AP Economics Chapters 1 and 2 by Andrew Troxell-144002193 https://padlet.com/144002193/vlrfnk9qkmvd Andrew Troxell Carter Smith Reyes Vasquez en-us 2017-08-18 14:47:01 UTC 2017-09-14 15:19:26 UTC hello@padlet.com Microeconomics: 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181632591 Decision making by individual customers, workers, households, and business firms]]> 2017-08-18 14:52:05 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181632591 Macroeconomics: 155003498 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181632612 The part of economics concerned with the economy as a whole .For example one would be how good or bad the government is doing economic wise. ]]> 2017-08-18 14:52:09 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181632612 Opportunity costs 147003429 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181632678 To obtain one thing, society forgoes the opportunity of getting the next best thing. That sacrifice is the opportunity cost ]]> 2017-08-18 14:52:26 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181632678 Utility: 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181633269 The pleasure gained from consuming a good or a service.]]> 2017-08-18 14:54:43 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181633269 Economic Resources 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181633996 2017-08-18 14:57:26 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181633996 Positive Economics: 155003498 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181634300 Is analyzing the facts or data about the economic behavior  ]]> 2017-08-18 14:58:40 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181634300 Budget line: 147003429 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181634395 A curve that shows various combinations of two products a consumer can purchase with a specific money income]]> 2017-08-18 14:59:07 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181634395 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181634709 2017-08-18 15:00:32 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181634709 Resource catagories 147003429 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635405 Land: natural resources. Minerals, oil...
Labor: Physical actions and mental activities that people do
Capitol: all manufactured aids used in producing consumer goods
Entrepreneurial ability: The person combines land labor and capitol and uses strategic business decision and takes risks

]]> 2017-08-18 15:03:14 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635405 Law of increasing: 155003498 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635560 Opportunity cost: This is shown in the first picture because if we start from A and move to B. We are gaining more of Good A (Y-axis), but at the same time we are losing more of Good B (x-axis).This shows opportunity cost because we are getting more of Good A ,but we are losing some of Good B.

Shape of the curve: The shape of the curve depends on the opportunity cost. Examples of the shape would be a constant or not constant 

Economic rationale:]]> 2017-08-18 15:03:58 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635560 Production Possibilities Model: 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635809 Full employment: Economy is employing all of its available resources.
Fixed resources: The quality and quantity of the factors of production are fixed.
Fixed Technology: The state of tech is constant.
Two goods: Situation where the economy is producing only two goods (Captial and consumer)]]> 2017-08-18 15:05:04 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635809 Production Possibilities Model 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635817 2017-08-18 15:05:06 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635817 Production Possibilities Model: 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635826 Full Employment: Using all of the natural resources available.
Fixed Resources:]]> 2017-08-18 15:05:08 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/181635826 consumer goods 147003429 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182094607 consumer goods satisfy the wants directly ]]> 2017-08-22 14:37:52 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182094607 capital goods 147003429 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182094814 capital goods satisfy by indirectly aiding the production of consumer goods]]> 2017-08-22 14:38:39 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182094814 Production possibilities model 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182095404 https://goo.gl/Lkd4Ex]]> 2017-08-22 14:40:35 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182095404 Marginal cost 147003429 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182097526 2017-08-22 14:47:11 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182097526 Freedom of Enterprise: That a business has a the choices to use it resources or not, and also they have the choice to sell or not sell their product. 155003498 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182591529 Freedom of choice: That a consumer has a choice to buy or not buy any product they want. ]]> 2017-08-24 15:05:24 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182591529 Self Interest 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182591978 Motivating force of the various economic units as they express their free choices. (Personal Goals)]]> 2017-08-24 15:06:43 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182591978 Market System: A market system is when the government has some control over the economic but not a lot. The people have more control for example what they buy, where they buy, and how they use their resource. But the government get involved when they don't fall the rules 155003498 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182593293 Command System: A command system is where the government has all the control in there economic decisions, how to use their resources, and what to do with there land.  ]]> 2017-08-24 15:10:21 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182593293 Competition: 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182593900 Diffuses the economic power within the businesses and households that make up the economy
Ex.) Two buyers specialize in the same good. One puts their price very high while the other reduces their price. Because of this, the lower price will get more sales.]]> 2017-08-24 15:11:49 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182593900 Markets and Prices 147003429 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182594819 The prices are based off of self interest and competition, companies competing will lower their prices so the the buyers will buy their goods, which are cheaper. This is based off of supply and demand ]]> 2017-08-24 15:14:20 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182594819 Technology and Capital Goods: 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182595118 Market system emphasizes that there is rapid development of complex capital goods. This tech would be considered a capital good and can then produce consumer goods.]]> 2017-08-24 15:15:17 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182595118 Specialization: 144002193 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182596033 This is where a certain economic unit focuses on one product in order to have the most efficient output. There's a division of labor based on the skills that the workers possess and there's also geographic based specialization where some people can only specialize in one thing because of the resources around them]]> 2017-08-24 15:17:58 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182596033 Use of money 147003429 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182596534 Money is not a recourse, it is a medium of exchange. Money can be anything that society accepts as a medium of exchange. Bartering requires a coincidence of wants, when there is no coincidence, money can be used.]]> 2017-08-24 15:19:20 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182596534 Private Property: This is not own by the government, so it is own by people. So the person who own this land can do what ever they want to do to it. For example if they want to build a house they would need a contractor. 155003498 https://padlet.com/144002193/vlrfnk9qkmvd/wish/182596667 2017-08-24 15:19:40 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/182596667 155003498 https://padlet.com/144002193/vlrfnk9qkmvd/wish/187610870 2017-09-14 15:19:26 UTC https://padlet.com/144002193/vlrfnk9qkmvd/wish/187610870