[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-452932-105":59,"doc-detail-452932-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","unit-1-ap-macroeconomics-unit-1-basic-economic-concepts","UNIT 1 AP MACROECONOMICS - Unit 1 Basic Economic Concepts","","Unit 1: AP Macroeconomics introduces foundational economic thinking, defining economics as managing unlimited wants with scarce resources and explaining scarcity-driven choice. It distinguishes macroeconomics from micro focus by covering economy-wide outcomes such as inflation, price levels, GDP, growth, national income, and unemployment changes. 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People must make choices to satisfy the wants that matter most, which creates trade-offs.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What topics does macroeconomics study?",{"text":117,"@type":113},"Macroeconomics examines the whole economy, including inflation, price levels, GDP and economic growth, national income, and changes in unemployment.",{"name":119,"@type":110,"acceptedAnswer":120},"How do supply and demand laws describe price and quantity relationships?",{"text":121,"@type":113},"Demand is inversely related to price: higher price lowers quantity demanded. Supply is directly related to price: higher price increases quantity supplied as suppliers produce more.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},452932,1791215495,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":19,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":34,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144},962090768658,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","UNIT 1 AP MACROECONOMICS  \nFrom Simple Studies, [https://simplestudies.edublogs.org](https://simplestudies.edublogs.org &)[ &](https://simplestudies.edublogs.org &)@simplestudiesinc on Instagram  \nUNIT 1: Basic Economic Concepts  \nWHAT IS ECONOMICS?  \n● Economics can be defined as the study of how people satisfy their unlimited wants while there are only scarce resources available.  \n● In an economy, if resources are limited and wants are limited, then we have to make choices-this leads to SCARCITY  \n● Scarcity: There are limited goods and services available for an unlimited amount of wants.  \nPeople make choices to satisfy the wants that are most important to them.  \nWHAT IS MACROECONOMICS?  \n● Macroeconomics studies affects the whole economy, such as: inflation, price levels,gross domestic product (GDP) rate of economic growth, national income, and changes in unemployment.  \nWe analyze the economy as a whole, on a macro level  \nOPPORTUNITY COST  \nIn life and macroeconomics, when we choose to do something (for example watch a movie for 2 hours), we lose 2 hours of time that could be spent on homework. We chose the alternative best opportunity for ourselves.  \n● Trade offs: In a trade off, we lose all other options.  \nPHOTO: [https://www.economicshelp.org/blog/2177/economics/opportunity-cost-definition/](https://www.economicshelp.org/blog/2177/economics/opportunity-cost-definition/)  \nOur choices lead to the loss of some opportunities, but there is sometimes a gain from these choices.  \n4 FACTORS OF PRODUCTION  \n● LAND  \n● LABOR  \n● CAPITAL  \n● ENTREPRENEURSHIP  \n○ Capital goods: Goods made not directly for consumption ; for example, the straw to drink a soda, the oven to bake cookies for sale.  \n○ Human goods: Human skills that benefit production ; for example, education, companies require workers to have a high school diploma because greater knowledge and skill will increase the level of production.  \nProduction Possibility Frontier (Curve)  \nPHOTO: [https://www.tutor2u.net/economics/reference/production-possibility-frontier](https://www.tutor2u.net/economics/reference/production-possibility-frontier)  \nThe PPF displays how there is an unlimited amount of wants for a limited amount of goods  \nTYPES OF PPF  \nINCREASING OPPORTUNITY COST, CONSTANT OPPORTUNITY COST &  \nDECREASING OPPORTUNITY COST  \nCOMPARATIVE ADVANTAGE  \nThe ability to produce the same product(s) at a higher level of efficiency.  \n\n|  | CARS | BIKES |\n| --- | --- | --- |\n| COUNTRY A | 10 | 5 |\n| COUNTRY B | 8 | 2 |\n\nIn the table above we compare the production of cars to bikes. We can view this graph as 2 ratios:  \n● 10 : 5 → 2 : 1  \n● 8 : 2 → 4 : 1  \n○ When producing cars county A will give up 1 bike to make 2 cars, and country B will give up 4 cars to make 1 bike. Therefore, Country A has the comparative advantage in producing bikes.  \n○ In producing bikes, Country A will give up 2 cars to make 1 bike, and country B will give up 4 cars to make 1 bike. Therefore, country B has the comparative advantage in producing cars.  \nAbsolute Advantage: The greater number of the amount produced in the production of cars,  \ncountry A has the absolute advantage  \nSUPPLY AND DEMAND  \nLAW OF DEMAND:  \nThe price and quantity demand of goods and services are inversely related to each other. When the price of a product increases, the demand for the product will decrease. For example, when the price of cupcakes triple because of a shortage of flour, the demand for cupcakes will decrease because of the increase in price.  \nLAW OF SUPPLY:  \nThe price and quantity supplied of a good are directly related to each other. When the price of a good increases, the suppliers increase the supply of that good in the market. When the price of  \ncupcakes rise, the suppliers will produce more of that good because less people may be buying the cupcakes. (meaning there will be more cupcakes left to buy at the store)  \nSHIFTERS OF SUPPLY  \n● Cost of inputs  \n● Change in productivity/Technology  \n●","cbCailuppeUDsOcO","https://ap.wps.com/l/cbCailuppeUDsOcO","pdf",309138,"English","# Unit 1: Basic Economic Concepts\n## What is Economics?\n## What is Macroeconomics?\n## Opportunity Cost\n## Four Factors of Production\n## Production Possibility Frontier (PPF)\n## Comparative Advantage\n## Supply and Demand\n## Shifters of Supply\n## Shifters of Demand\n## Equilibrium","[{\"question\":\"How does scarcity affect decision-making in economics?\",\"answer\":\"Scarcity means limited goods and services exist despite unlimited wants. People must make choices to satisfy the wants that matter most, which creates trade-offs.\"},{\"question\":\"What topics does macroeconomics study?\",\"answer\":\"Macroeconomics examines the whole economy, including inflation, price levels, GDP and economic growth, national income, and changes in unemployment.\"},{\"question\":\"How do supply and demand laws describe price and quantity relationships?\",\"answer\":\"Demand is inversely related to price: higher price lowers quantity demanded. Supply is directly related to price: higher price increases quantity supplied as suppliers produce more.\"}]","UNIT 1 AP MACROECONOMICS - Unit 1 Basic Economic Concepts | PDF",1790737907,18]