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\author{Not\_Domz14}
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  /Title (ap-macroeconomics-unit-1.pdf)
  /Creator (Cheatography)
  /Author (Not\_Domz14)
  /Subject (AP Macroeconomics unit 1 Cheat Sheet)
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{AP Macroeconomics unit 1 Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{Not\_Domz14} via \textcolor{DarkBackground}{\uline{cheatography.com/209762/cs/45433/}}}
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   \vspace{-2pt}Not Yet Published.\\
   Updated 16th January, 2025.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
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\mymulticolumn{2}{x{8.4cm}}{\bf\textcolor{white}{Unit 1 Notes}}  \tn
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A {\bf{resource}} is anything that can be used to produce something else. & A {\bf{scarce resource}} is not available in sufficient quantities to satisfy all the various ways a society wants to use it. \tn 
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Also known as {\bf{factors of production}}; scarce resources are: & {\bf{Land}}: all natural resources \{\{nl\}\}{\bf{Labor}}: the effort of workers \{\{nl\}\}{\bf{Capital}}: all manufactured resources\{\{nl\}\} {\bf{Entrepreneurship}}: risk-taking, innovation, and organization \tn 
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Positive economics is the branch of economic analysis that describes the way the economy actually works. & Normative economics makes prescriptions about the way the economy should work. \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Comparative vs. Absolute Advantage}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{The production possibilities curve model illustrates gains from trade based on comparative advantage.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{An individual has a comparative advantage in producing a good or service if they face the lowest opportunity cost of producing it. \{\{nl\}\}An individual has an absolute advantage in production if they can make more of it with a given amount of time and resources.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{It is not possible for one person (or country) to have the comparative advantage in both products \{\{nl\}\} Absolute advantage is not the same as comparative advantage.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Demand}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{The demand curve is downward-sloping due to the law of demand.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{The law of demand says that all other things being equal, people demand less of a good or service at higher prices.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{A shift of the demand curve is a change in the quantity demanded at any given price.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{It is represented by the movement of the original demand curve to a new position.} \tn 
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\mymulticolumn{2}{x{8.4cm}}{\bf\textcolor{white}{Factors of demand curve shifts}}  \tn
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Five factors are responsible for shifts of the demand curve. & 1) Changes in {\bf{Tastes}} \{\{nl\}\} 2) Changes in prices of {\bf{Related goods/services}} \{\{nl\}\} 3) Changes in {\bf{Income}} \{\{nl\}\}4) Changes in the number of {\bf{Buyers}} \{\{nl\}\} 5) Changes in {\bf{Expectations}} \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Substitutes and Compliments}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{The Production Possibilities Curve illustrates the trade-offs between producing two goods.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{The production possibilities curve model illustrates the opportunity cost of production.   Cost, in this example, is measured in terms of loss of the other product.The curve is concave or bowed-out.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{The two main sources of growth in the PPC are increases in available resources and improvements in technology.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{If the production possibilities curve shifts inward, the economy has become smaller.This could happen if the economy loses resources or technology.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{Any points along the curve are feasible and productively efficient. Point A and B reflect an efficient use of resources in production. \{\{nl\}\}Points outside the curve are not feasible.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{An economy is efficient if there is no way to make anyone better off without making at least one person worse off.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Gains from Trade}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{In a market economy, individuals engage in trade: they provide goods and services to others and receive goods and services in return.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{The gains from trade come from specialization: each person specializes in the task that they are good at performing.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{The concept of specialization allows for the mass production of most of the devices and appliances we use today.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{By specializing in the good they have a comparative advantage in and by trading for the other good, both castaways can consume more of each good. In other words, there are gains from trade.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Movement along and Shifts of the Demand curve}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{Movement along the curve from point A to point B is a change in quantity demanded and is caused by a change in price.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{A decrease in demand means a leftward shift of the demand curve. \{\{nl\}\}At any given price, consumers demand a smaller quantity than before.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{An increase in demand means a rightward shift of the demand curve. \{\{nl\}\}At any given price, consumers demand a larger quantity than before.} \tn 
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% That's all folks
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