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Macro study guide 1 AP Macroeconomics Exam Course Study Guide UNIT I What is economics the systematic study of choice textbook de ?nitions ?? refer to the allocation of scarce resources in order to satisfy societal wants What is the basic problem of econo

AP Macroeconomics Exam Course Study Guide UNIT I What is economics the systematic study of choice textbook de ?nitions ?? refer to the allocation of scarce resources in order to satisfy societal wants What is the basic problem of economics scarcity scarcity is the problem in the world that humans invented economics in order to address ? scarcity CANNOT be solved only addressed or accommodated ? scarcity is the state of a ?airs in the world where a ?nite amount of stu ? exists to satisfy a virtually in ?nite amount of human wants ? scarcity wants resources ? to be scarce something must be both limited and desirable ? scarce ?? scarcity Sometimes de ?nitions of economics incorporate the three basic questions of economics What to make produce How to make produce it For whom do we make produce it As a practical matter before any of the basic questions can be addressed we must ?rst take stock of what our resources include In other words what do we have to make stu ? with The categories of what we have to make stu ? with are often collectively referred to as our resources inputs or factors of production ?? categories exist Land natural resources stu ? that came with the Earth ? sometimes called the stu ? God made or gifts of nature Labor physical mental human e ?ort employed in the production process Capital stu ? we make in order to make stu ? a physical capital tools equipment etc that we make in order to better make stu ? ? includes factories tools roads and other things speci ?cally made to assist in production b human capital special knowledge education training skills and attributes utilized in the production process ? ??traditional buzzwords ? for human capital questions include education and health Entrepreneurship combination of the other factors of production in a novel way in search of a pro ?t Societies have organized themselves in three ways to address the three basic economic questions Tradition characterized by subsistence agriculture and tribal village life Command ranges from Ancient Egypt to Stalin ? s USSR ? contemporary manifestations often employ central planning as a synonym Market exists as an ideal in accord with th century Laissez Faire ? emphasizes the presence of private property rights and the pro ?t incentive Mixed - exist as points on a continuum rather than as actual existing forms of life ? all societies in existence tend to manifest attributes of - ? the term mixed tends to refer to some combination of command government regulation planning and or control and market structures TWO BASIC MODELS of an economy are introduced in UNIT I Simple Circular-Flow Diagram Production Possibility Frontier Curve PPF PPC Simple Circular-Flow Diagram The simple circular- ow illustrates how the basic agents producers consumers in an economy interact with each other through two distinct markets input resource factor market AND output goods services product market producers ?? often referred to as