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19 Cards in this Set
- Front
- Back
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Vertical Axis |
The vertical number line of a graph along which values of the y variable are measured; also referred to as the y axis |
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Horizontal Axis |
The horizontal number line of a graph along which values of the x variable are measured; also referred to as the x axis |
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Slope |
The rate of change in your in response to a change in x |
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Positive Slope |
A situation where as the independent variable increases in value, the dependent variable will increase in value and vice versa. |
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Negative Slope |
A situation where as an independent variable increases in value, the dependent variable will decrease in value and vice versa. |
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Price is always |
Y |
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Quantity is always |
X |
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Scarcity |
A Condition that exists when there are insufficient resources to satisfy unlimited wants. |
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Opportunity Costs |
The true cost of something including what is given up to get it. |
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PPC Production Possibilities Curve |
The graphical representation of the combinations if two goods and or services that can be produced by an economy when using resources efficiently. Graph will be on ap test |
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Productions Possibilities Frontier PPF |
The graphical representation of the combinations of two goods and or services that can be produced by an economy when using resources efficiently will be on test. |
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Trade Off |
The act of giving up one thing to have more of another thing. |
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Economic growth |
Changes in the total output of a nation over time as a result of increased production income and wealth |
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Inefficiency |
The waste that stems from the unproductive use of resources |
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Marginal Cost |
The additional, or incremental cost incurred from any activity, or action. |
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Explicit cost |
Known out of pocket obvious costs |
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Implicit costs |
Non obvious or opportunity costs |
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Eminent domain |
The ability of governments to take away private property away from individuals |
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Per capita income |
The total national income divided by the number of people in the nation |
