AP®︎ Microeconomics: Topic 1.1 Flashcards

Master key terms and definitions for Topic 1.1 of AP Microeconomics – Scarcity to help you prep for quizzes and the AP exam.

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Term

Scarcity

Definition

Limited resources relative to unlimited wants and needs.

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Scarcity
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Limited resources relative to unlimited wants and needs.

MKT-1.AMKT-1.A.1
Human Capital and Physical Capital
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Human capital is workers' skills and knowledge; physical capital is tools, machines, and buildings used to produce.

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Trade-Offs
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Choices between alternatives that require giving up one thing to get another.

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Opportunity Cost
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The value of the next best alternative given up when a choice is made.

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Unlimited Wants and Needs
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The idea that people desire more goods and services than available resources can provide.

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Non-Rival Resource
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A resource one person's use does not reduce another person's ability to use.

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Established Knowledge
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Existing ideas and information that can often be shared widely without being used up.

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Factors of Production
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Inputs used to produce goods and services: land, labor, capital, and entrepreneurship.

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