UNIT 1: Basic Economic Concepts

UNIT 1: Basic Economic Concepts

Unit 1: Basic Economic Concepts Copyright ACDC Leadership 2015 1 The Circular Flow Model The Product MarketThe place where goods and services produced by businesses are sold to households. The Resource (Factor) MarketThe place where resources (land, labor, capital, and entrepreneurship) are sold to businesses.

Copyright ACDC Leadership 2015 2 D D N A $$$ EM sts o C $

$ $ Re (F so s e c r u o s e R

Subsidies Businesses Copyright ACDC Leadership 2015 Y pa ym e $ en $$ ts )

Taxes Transfer Payments Public Goods Go o Se ds a rv nd i ce s SU Reve PP nue

LY $$$ Pr act urc od ors es uc o t io f n) $$$ Taxes $$ $

SU (F In P ac to c o P r m L $$ $ Resource Market Public Goods Government $$$

Product Market Individuals nd a ds ces o i G o e rv S $$ $$

$ ng i d n e D p N S $ A M E

D 3 Circular Flow Model Vocab Private Sector- Part of the economy that is run by individuals and businesses Public Sector- Part of the economy that is controlled by the government Factor Payments- Payment for the factors of production, namely rent, wages, interest, and profit Transfer Payments- When the government redistributes income (ex: welfare, social security) Subsidies- Government payments to businesses

Copyright ACDC Leadership 2015 4 2012 Exam 5 Circular Flow Model Review 1. Do individuals supply or demand? Both, they demand products and supply resources 2. Dothe business or demand?

Both, supplysupply products and demand resources 3. Who demands in the product market? Individuals and the government 4. Who supplies in the product market? Businesses Copyright ACDC Leadership 2015 6 The AP Microeconomics Test!

60 Multiple Choice Questions in 70 Minutes 3 Free Response Questions in 55 Minutes OUR TEST WILL MIRROR THE AP TESTS THEIR EXPECTATIONS ARE OUR EXPECTATIONS 7 AP Test Norms Click the link below to access our AP Economics Exam Expectations document. AP Economics Exam Expectations 8

Free Response Questions When you do a FRQ dont forget to R.O.L.L.: READ the entire question first ORAGANIZE your answer LIST your answers like the question LABEL everything 9 Macro 2013 (Secured Documents Exam) PROBLEM #1 10

Macro 2013 (Secured Documents Exam) 11 PROBLEM #2 12 13 PROBLEM #3 14

15 16 5 Problem Set Hints: 1. NEVER use your computer to create graphs 2. Answer in the same FORMAT as the questions. (A, B, C i, C ii. etc.) 3. Fully EXPLAIN or give examples when asked to do so. It is better to over explain. 4. Answer the ENTIRE question explicitly. 5. NEVER straight copy your book or my notes. Use your own words and examples. Flip to your Problem Set

17

Recently Viewed Presentations

  • Recognizing and Responding to Symptoms of Heat Stress

    Recognizing and Responding to Symptoms of Heat Stress

    Recognizing and Responding to Symptoms of Heat Stress Trent Teegerstrom University of Arizona In cooperation with Dr. H. Rosenberg University of California, Berkeley Heat stress effects if no fluid is replaced Health Effects of Heat Stress When heat gain exceeds...
  • AMERICAN COLONIAL MEDICINE - University of Pittsburgh

    AMERICAN COLONIAL MEDICINE - University of Pittsburgh

    AMERICAN COLONIAL MEDICINE By Jonathon Erlen, Ph.D. The students at Edinburgh were privileged to attend lectures by such medical immortals as the great anatomy professor Alexander Monro primus, September 19, 1697 - July 10, 1767. Monro was born of Scots...
  • GPS AVL Technologies Use at State DOTs

    GPS AVL Technologies Use at State DOTs

    All other paperwork and system access/interface the vehicle or equipment operator needs (time card, traffic signal software, maintenance work order software, construction project software, bridge monitoring, engineering, etc.) Personnel detection to reduce employee injury/death
  • LEGISLATION - WordPress.com

    LEGISLATION - WordPress.com

    'All in the mind?' revision summary
  • Chemistry test 1 review

    Chemistry test 1 review

    What is HHPS? Be able to recognize and name all symbols. Know the severity levels. matter. What is matter? What are examples? Know how matter is divided. What are pure substances? What are mixtures? Know examples of each. What is...
  • PowerPoint-presentatie

    PowerPoint-presentatie

    Bespoke musical moments + trainings ... Bespoke Projects for other groups apart from Dementia. Projects for Vulnerable People of all sorts. Never Ending Orchestra. Trainings for Staff and Volunteer Carers.
  • Fake News and Bad Buzz in Infection Prevention and Control

    Fake News and Bad Buzz in Infection Prevention and Control

    Ecological fallacy. Inferences without sufficient evidence. A possible way of analyzing if hypotheses are supported is to use the Koch postulates / Bradford Hill criteria (but do not always apply) Scientists. Journal/press release. Print/ online Media.
  • Welcome to the Freshman Academy! ELA Introduction Mrs.

    Welcome to the Freshman Academy! ELA Introduction Mrs.

    The Maze Runner . by James Dashner. Keep a journal. One quote from each chapter. Cite using chapter and page number under quote. Connect to the quote in a 10 sentence paragraph. ... Themes and motifs. Figurative language. Literary devices....