AP Macroeconomics Studyguide Basic Terms for Economics -Economics: the study of how scarce resources are used to satisfy unlimited wants.-Resources: we never have enough to satisfy all of our wants.-Scarcity: the lack of a product or resource.-Shortage: a short term lack of a product or resource.-Necessities: goods which satisfy basic human needs.-Luxuries: goods which consumers want, but don ...
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The prefix macro means large, indicating that macroeconomics is concerned with the study of the market system on a large scale. Macroeconomics considers the aggregate performance of all markets in the market system and is concerned with the choices made by the large subsectors of the economy—the household sector, which includes all consumers; the business sector, which includes all firms ...
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11/4/2016 · You can find a practice test in many of the official study guides, and some even include a diagnostic test to act as your initial assessment. Step 2: Study the material. The material on the Macroeconomics AP exam includes basic economic theory and the greater principles of economics that apply to the economic system as a whole.
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One must compare marginal benefits and marginal costs to determine the best or optimal output mix on the Production Possibilities Curve. This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 2.5 License.
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