TAILIEUCHUNG - Ebook 5 steps to a 5 AP Microeconomics: Part 2
Part 2 book “5 steps to a 5 AP Microeconomics” has contents: Review the knowledge you need to score high (fundamentals of economic analysis, demand, supply, market equilibrium, and welfare analysis, elasticity, microeconomic policy, and consumer theory, ), build your test-taking confidence. | Find more at STEP 4 Review the Knowledge You Need to Score High CHAPTER CHAPTER CHAPTER CHAPTER CHAPTER 5 Fundamentals of Economic Analysis 6 Demand, Supply, Market Equilibrium, and Welfare Analysis 7 Elasticity, Microeconomic Policy, and Consumer Theory 8 The Firm, Profit, and the Costs of Production 9 Market Structures, Perfect Competition, Monopoly, and 10 CHAPTER 11 CHAPTER Things Between Factor Markets Public Goods, Externalities, and the Role of Government Find more at This page intentionally left blank Find more at CHAPTER 5 Fundamentals of Economic Analysis IN THIS CHAPTER Summary: If there are two concepts that you should have down pat, they are (1) scarce resources require decision makers to make decisions that involve costs and benefits, and (2) these decisions are best made when the additional benefits of the action are exactly offset by the additional costs of the action. This chapter presents material that, at least on the surface, appears to be “Econ-lite.” Some readers might make the mistake of simply glossing over it on the way to meatier topics. I urge you to take the time to reinforce these early concepts, for they should, like a bad commercial jingle, stick in your subconscious throughout your preparation for the AP exam. Key Ideas KEY IDEA ✪ ✪ ✪ ✪ ✪ Scarcity Opportunity Cost Marginal Analysis Production Possibilities Functions of Economic Systems ‹ 41 Find more at 42 › Step 4. Review the Knowledge You Need to Score High Scarce Resources Main Topics: Economic Resources, Scarcity, Trade-Offs, Opportunity Cost, Marginal Analysis Economic Resources KEY IDEA TIP Economics is the study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited material wants. Resources, or factors of production, are commonly separated into four groups: • Labor. Human effort and talent, physical and mental. .
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