Relier Pairs 1. Macroecon: Basic Vocab MatchVersion en ligne Adapted from https://www.daveforrest.net/Economics/ap-economics-studyguide.pdf par Shaner Adams 1 Capital 2 Producer Goods 3 Macroeconomics 4 Resources 5 Scarcity 6 Three Factors of Production: 7 Normative Economics 8 Economics 9 Shortage 10 Necessities 11 Rational Self Interest 12 Luxuries 13 Consumer Goods 14 Labor 15 Land 16 Positivist Economics: products used for immediate consumption. For example: cars, food, toys. goods which satisfy basic human needs. the question of what we should do. The analysis of the economy as an ethical value judgment. economists believe that people choose options that give them the greatest satisfaction. People use available information, weigh costs and benefits, and make a self-interested choice. factories, machines (producer goods), and money. the study of the economy as a whole. goods which consumers want, but don’t need the study of how scarce resources are used to satisfy unlimited wants. a short term lack of a product or resource. Land, Labor, Capital. products used to make consumer goods. For example: hammer and cranes. focus on measurable outcomes we never have enough of these to satisfy all of our wants. mental and physical labor such as autoworkers or scientists. natural resources such as trees, water, or minerals the lack of a product or resource.
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