Problemas
AP Macroeconomics Unit 1 Guide 1. What is scarcity?What is economics? we have onlinited wants but limited resoorces, 2. What is the difference between micro-and macroeconomics? Micr oeconomics studys of 3. What doesnone tudy of thc 3 osay there is no such thing as a free lunch fegares, 4. Opportunity cost: a. What is the meaning of opportunity cost? most clestrable when you b. How does the concept of opportunity cost relate to the choices we make? c. How does the idea of opportunity cost change the way most people think about the cost of going to college? 5. What are the factors of production? 6. What are the three basic economic questions? 7. Economic systems: a. What are the characteristics of a command system and a market system? b. How are incentives different in a command system and a market system? 8. Circular flow: a. What are the components of the circular flow? b. Which way do resources flow? Which way do goods and services flow? c. Which way does money flow? 9. Productivity a. What is it? b. How is it calculated?
Roztwór
Yeray
professionell · Tutor durante 6 años
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Respuesta
1. Scarcity is the limited nature of resources in relation to unlimited wants. Economics is the study of how resources are allocated to satisfy these wants.2. Microeconomics studies individuals and firms, while macroeconomics studies the economy as a whole.3. The phrase means that even if something appears to be free, there is always a cost involved.4. a. Opportunity cost is the value of the next best alternative given up. b. It highlights the trade decision. It emphasizes the potential income lost by choosing to go to college instead of working.5. Land, labor, capital, and entrepreneurship.6. What to produce? How to produce? For whom to produce?7. a. A command system is controlled by a central authority, while a market system is driven by individual choices. b. Incentives in a command system are based on obedience, while in a market system, they are based on market demand.8. a. Households, firms, product market, factor market. b. Resources flow from households to firms; goods and services flow from firms to households. c. Money flows in both directions.9. a. Productivity is the efficiency of resource use. b. It is calculated by dividing output by input.
Explicación
## Step 1Scarcity refers to the basic economic problem that arises because people have unlimited wants but resources are limited. Economics is the study of how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their unlimited wants.## Step 2Microeconomics focuses on the behavior of individuals and firms, such as how they make decisions regarding resource allocation. Macroeconomics, on the other hand, looks at the economy as a whole, studying aggregate indicators such as GDP, unemployment rates, and price indices.## Step 3The phrase "there's no such thing as a free lunch" means that even if something appears to be free, there is always a cost involved, whether it's in terms of time, money, or effort.## Step 4Opportunity cost is the value of the next best alternative that is given up when making a choice. It relates to the choices we make by highlighting the trade-offs involved. In the context of going to college, the opportunity cost might be the income one could have earned by working instead of studying.## Step 5The factors of production include land, labor, capital, and entrepreneurship. These are the resources used to produce goods and services.## Step 6The three basic economic questions are: What to produce? How to produce? For whom to produce?## Step 7A command system is characterized by a central authority making all economic decisions, while a market system is driven by individual choices. Incentives in a command system are often based on obedience to authority, whereas in a market system, they are based on market demand.## Step 8The circular flow model consists of households, firms, the product market, and the factor market. Resources flow from households to firms, goods and services flow from firms to households, and money flows in both directions.## Step 9Productivity measures how efficiently resources are used to produce goods and services. It is calculated by dividing the output produced by the input used.