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Sherry Yao
2013530299
AP MICRO REVIEW
1.
Basic Economic
Concepts (8%-14%)
A.
Scarcity, choice, and opportunity cost
?
Scarcity: the
limited nature of society
’
s
resources
?
Economics: the study of how society
manages its
scarce
resources
?
People face
trade-off (efficiency or equality)
?
Opportunity
cost: whatever must be given up to obtain some
item
B.
Production possibilities curve
?
The
production
possibilities
curve
shows
the
combinations
of
output
that
the
economy can possibly produce given the
available factors of production and the
available production technology
Qy
1.
The opp cost of Qx equals the slope of curve
2.
The opp cost of Qx is higher, the curve is steeper
3.
opp cost is constant, the PPF is strict line
4.
Technology advance
→
PPF
shift
Inefficien
t
Qx
C.
Comparative
advantage, absolute advantage, specialization and
trade
?
Comparative advantage: the ability to
produce a good at a lower opportunity cost
than another producer
?
Absolute
advantage: the ability to produce a good using
fewer inputs than another
producers
?
Trade
can
benefit
everyone
in
society
because
it
allows
people
to
specialize
in
activities in which they
have a
comparative
advantage
.
D.
Economic system
E.
Property
rights and the role of incentives
?
Property
rights: the ability of an individual to own an
exercise control over scarce
resources
Market power
?
Market failure: allocate resources
inefficiently
←
Negative
externality
?
Incentive:
something that induces a person to act (the
prospect of a punishment
or a reward)
F.
Marginal
analysis
?
Marginal change: a small incremental
adjustment to a plan of action
?
People make
choice when
marginal benefit
＞
marginal cost
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2. The Nature and Functions of Product
Markets (55%-70%)
A.
Supply and Demand (15%-20%)
a)
Market
equilibrium
?
A
situation
in
which
the
market
price
has reached
the
level
at
which
quantity
supplied equals quantity demanded
b)
Determinants
of supply
?
Income: income
↓
,
demand of normal goods
↓
,
demand of inferior good
↑
?
Prices of
related goods: price of
substitute
↓
, demand of
another good
↓
price of complements
↓
,
demand of another good
↑
?
Tastes
?
Expectations:
expect higher income,
demand
↑
?
Number of
buyers: buyers
↑
,
demand
↑
c)
Determinants
of demand
?
Input
price: input price
↑
,
supply
↓
?
Technology:
advance in technology,
supply
↑
?
Expectations:
expect the price of goods
↑
,
supply
↑
?
Number of
sellers: number of sellers
↑
,
supply
↑
d)
Price and
quantity controls
?
Demand
→
,
price
↑
,
quantity
↑
?
Supply
→
,
price
↓
,
quantity
↑
e)
Elasticity
?
D
emand Curve Inelastic:
Price
↑
, total
revenue
↑
?
Demand Curve
Elastic: Price
↑
, total
revenue
↓
?
Normal Goods &
Income Elasticity:
The
Quantity
of
Normal
Goods
moves
the
same
direction
with
the
Percentage of Income
对
normal goods
的需求量
与收入变动同方向运
动
The
Elasticity of Normal Goods is usually positive
?
Inferior Goods
& Income Elasticity
The
Quantity
of
Inferior
Goods
moves
the
opposite
direction
with
the
Percentage of Income
对
inferior
goods
的需求量与授予变动反方向运动
The Elasticity of Inferior Goods is
usually negative
?
E
xy
＞
1,
substitute,
E
xy
＜
1,
complementary
Consumer surplus,
producer surplus, and allocative efficiency
?
Consumer
surplus:
the
amount
a
buyer
is
willing
to
pay
for
a
good
minus
the
amount the buyer actually pays for it
?
Producer
surplus: the amount a seller is paid for a good
minus the seller
’
s cost of
providing it
f)
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?
Allocative
efficiency: the last unit provides marginal
benefit to consumer = the
marginal cost
to producer
g)
Tax incidence and deadweight loss
?
Tax
incident:
the
manner
in
which
the
burden
of
a
tax
is
a
shared
among
participants in a market
?
Elasticity
↑
, the
tax burden
↓
?
Deadweight
loss:
the
fall
in
total
surplus
that
results
from
a
market
distortion
such as tax
B.
Theory of consumer choice (5%-10%)
a)
Total utility
and marginal utility
?
Total
utility:
The
aggregate
level
of
satisfaction
or
fulfillment
that
a
consumer
receives through the consumption of a
specific good or service
?
Marginal
utility:
gain
from
an
increase,
or
loss
from
a
decrease,
in
the consumption of that
good or service
b)
Utility maximization: equalizing
marginal utility per dollar. (MU
X
/P
X
=MU
Y
/P
Y
)
c)
Income and
substitution effects
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C.
Production and Costs (10%-15%)
a)
Production
functions
?
Production
function:
the
relationship
between
the
quantity
of
inputs
used
to
make a good and the quantity of output
of that good
?
The quantity of the
input
↑
, the production
function gets flatter
b)
Marginal product and diminishing
returns
?
Marginal product: the increase in the
amount of output from an additional unit
of labor
?
Diminishing
return:
the
property
whereby
the
marginal
product
of
an
input
declines as the quantity of the input
increases
c)
Short-run costs
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谢谢
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