a relationship in which one variable decreases when another variable increases, variable that causes dependent variable to change, the individual, firm, region, or country with the lowest opportunity cost of producing a particular good should specialize in that good, the apportionment of resources among firms and industries in order to produce products wanted by consumers, variable that changes as a consequence of a change in the independent variable, the branch of social science that deals with the production and distribution and consumption of goods and services and their management, the principle that as the production of a good increases, the opportunity cost of producing an additional unit rises, the branch of economics that studies the overall working of a national economy, comparison of marginal costs and marginal benefits, the additional benefit to a consumer from consuming one more unit of a good or service, the cost of producing one more unit of a good, an economic system in which individuals, not the government control the production and distribution of goods and services; also called capitalism, the branch of economics that studies the economy of consumers or households or individual firms, elements of a command and market economies combined, part of economics involving judgments about what the economy should be like, the amount of other products that must be forgone or sacrificed to produce a unit of a product, the output of a good that a firm produces that when sold will maximize profit, the assumption that factors other than those being considered are held constant, formulation of courses of action to prevent unwanted economic issues or bring about desired outcomes, the analysis of facts or data to establish scientific generalizations about economic behavior, inaccurate assumption that when two events follow each other, one must have caused the other, the market in which households purchase the goods and services that firms produce, A curve measuring the maximum combination of outputs that can be obtained from a given number of inputs, limited quantities of resources to meet unlimited wants, ratio of vertical change to horizontal change between two points on a line, the ratio at which a country can trade its exports for imports from other countries, the fact that there are unlimited wants but limited resources to produce the goods and services to satisfy those wants. The AP Higher Education section features information on recruitment and admission, advising and placement, and more. A depositary institution that accepts deposits from individuals and firms, and provides them with loans in addition to a wide variety of other services. It is concerned with how these agents make decisions and allocate their limited resources to satisfy their wants and needs. Your teacher may choose to organize the course Youll use graphs, charts, and data to analyze, describe, and explain economic concepts. We'll introduce key concepts like opportunity costs, trade-offs, and production possibilities.
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