Ap macro frq (1).

Ap macro frq
imput - ANS-# of hours to produce one item

output - ANS-# produced per hour

efficient - ANS-on the line

inefficient - ANS-under line

unitainable - ANS-over the line (in space)

GDP - ANS-l the total market value of all final goods and services produced annually in an
economy

included in GDP - ANS-final goods and services to purchase

Not included in GDP - ANS-intermediate goods and services
- inputs

consumer spending - ANS-household spending on goods and services

investment spending - ANS-tools, business and residential changes , construction

Government speding - ANS-Gov transfer payments (dont count for gov)

Exports (X) - Imports (M) - ANS-net exports (Xn)

supply curve - ANS-a graph of the relationship between the price of a good and the quantity
supplied

demand curve - ANS-a graph of the relationship between the price of a good and the quantity
demanded

equilibruim - ANS-A state of balance

Dequilibrium - ANS-a state in which opposing forces or influences are balanced.

surplus - ANS-A situation in which quantity supplied is greater than quantity demanded (above
equilibrium, dequilibrium price decrease to market price)

demand cure shifts left - ANS-willing to buy less at ANY price