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Skill-building flashcards that provide 600 essential AP terms for easy memorization using the convenience of on-the-go study

5 Steps to a 5: AP Microeconomics/Macroeconomics Flashcards features 600 key terms that expert author Eric Dodge has selected as ones that frequently appear on AP Microeconomics/Macroeconomics exams. This extra tool increases your knowledge and helps you achieve up to a maximum 5 score. You now have an additional way to master the key terms that are the basis of AP Microeconomics/Macroeconomics success, delivered in a format that is convenient for your lifestyle.

Features:

• One term per card, so you can put the words in the order you desire
• Bulleted list of key information for each term

• Contents

• Absolute (or Money) Prices

• Absolute Advantage

• Accounting Profit

• Aggregate Demand (AD)

• Aggregate Income (AI)

• Aggregate Spending (GDP)

• Aggregate Supply (AS)

• Aggregation

• All Else Equal

• Allocative Efficiency

• Appreciating (Depreciating) Currency

• Asset Demand

• Asset of a Bank

• Autarky

• Automatic Stabilizers

• Autonomous Consumption

• Autonomous Investment

• Autonomous Saving

• Average Fixed Cost (AFC)

• Average Product of Labor (APL)

• Average Tax Rate

• Average Total Cost (ATC)

• Average Variable Cost (AVC)

• Balance of Payments Statements

• Balance Sheet or T-Account

• Balanced Budget Multiplier

• Bank

• Barrier to Entry

• Barter

• Base Year

• Bond

• Break-Even Point

• Budget Deficit

• Budget Surplus

• Business Cycle

• Capital

• Capital (or Financial) Account

• Capital Inflow

• Cartel

• Circular Flow of Economic Activity

• Closed Economy

• Coase Theorem

• Collusive Oligopoly

• Comparative Advantage

• Complementary Goods

• Constant Costs Industry

• Constant Returns to Scale

• Constrained Utility Maximization

• Consumer Price Index (CPI)

• Consumer Surplus

• Consumption and Saving Schedules

• Consumption Bundle

• Consumption Function

• Contraction

• Contractionary Fiscal Policy

• Contractionary Monetary Policy

• Cross-Price Elasticity of Demand

• Crowding Out Effect

• Current Account

• Curve

• Cyclical Unemployment

• Deadweight Loss

• Debt Financing

• Decision to Invest

• Decreasing Costs Industry

• Deflation

• Demand Curve

• Demand for Labor

• Demand for Loanable Funds

• Demand Price

• Demand Schedule

• Demand-Pull Inflation

• Depression

• Derived Demand

• Determinants (Shifters) of Demand

• Determinants (Shifters) of Supply

• Determinants of Aggregate Demand (AD)

• Determinants of Aggregate Supply (AS)

• Determinants of Consumption and Saving

• Determinants of Elasticity

• Determinants of Exchange Rates

• Determinants of Labor Demand

• Discount Rate

• Discouraged Workers

• Diseconomies of Scale

• Disequilibrium

• Disposable Income (DI)

• Dissaving

• Domestic Demand Curve

• Domestic Price

• Domestic Supply Curve

• Dominant Strategy

• Double Counting

• Duopoly

• Economic Growth

• Economic Profit

• Economics

• Economies of Scale

• Economy

• Egalitarianism

• Elasticity

• Elasticity and Demand Curves

• Employed

• Equation of Exchange

• Equity Financing

• Excess Capacity

• Excess Reserves

• Exchange Rate

• Excise Tax

• Excludable

• Expansion

• Expansionary Fiscal Policy

• Expansionary Monetary Policy

• Expected (Anticipated) Inflation

• Expected Real Rate of Return

• Explicit Costs

• Exports

• Factor Distribution of Income

• Factor Markets

• Federal Funds Rate

• Fiat Money

• Final Goods

• Fiscal Policy

• Fixed Inputs

• Foreign Sector Substitution Effect

• Four-Firm Concentration Ratio

• Fractional Reserve Banking

• Free Trade

• Free-Rider Problem

• Frictional Unemployment

• Full Employment

• Functions of Money

• Future Value

• Gross Domestic Product (GDP) Price Deflator

• Globalization

• Gross Domestic Product (GDP)

• Horizontal Summation

• Human Capital

• Imperfect Competition

• Implicit Costs

• Import Quota

• Imports

• Incidence of Tax

• Income Distribution

• Income Effect

• Income Elasticity

• Increasing Costs Industry

• Ineffictive

• Inferior Goods

• Inflation

• Inflationary Gap

• Interdependence

• Interest Rate

• Interest Rate Effect

• Intermediate Goods

• Investment Demand

• Investment Tax Credit

• Keynesian Economics

• Labor Force (LF)

• Law of Demand

• Law of Diminishing Marginal Returns

• Law of Diminishing Marginal Utility

• Law of Increasing Costs

• Law of Supply

• Least-Cost Rule

• Leisure

• Liability of a Bank

• Liquidity

• Long Run

• Lump-Sum Tax

• Luxury

• M1

• M2

• M3

• Macroeconomic Equilibrium

• Macroeconomic Long Run

• Macroeconomic Short Run

• Macroeconomics

• Marginal

• Marginal Analysis

• Marginal Benefit (MB)

• Marginal Cost (MC)

• Marginal Cost (MC)

• Marginal Product of Labor (MPL)

• Marginal Productivity Theory

• Marginal Propensity to Consume (MPC)

• Marginal Propensity to Save (MPS)

• Marginal Resource Cost (MRC)

• Marginal Revenue Product (MRP)

• Marginal Social Benefit

• Marginal Social Cost

• Marginal Tax Rate

• Marginal Utility (MU)

• Market Basket

• Market Economy (Capitalism)

• Market Equilibrium

• Market Failure

• Market for Loanable Funds

• Market Power

• Market Share

• Microeconomics

• Minimum Wage

• Model

• Monetarism

• Monetary Base

• Money Demand

• Money Multiplier (MM)

• Money Supply

• Monopolistic Competition

• Monopolistic Competition Long-Run Equilibrium

• Monopoly

• Monopoly Long-Run Equilibrium

• Monopsonist

• Multiplier Effect

• Nash Equilibrium

• Natural Monopoly

• Natural Rate of Unemployment

• Necessity

• Negative Externality

• Net Export Effect

• Nominal Gross Domestic Product (GDP)

• Nominal Income

• Nominal Rate of Interest

• Noncollusive Oligopoly

• Nonexcludable

• Nonmarket Transactions

• Nonprice Competition

• Nonrenewable Resources

• Normal Goods

• Normal Profit

• Official Reserves Account

• Oligopoly

• Open Market Operation (OMO)

• Opportunity Cost

• Out of the Labor Force

• Patent

• Peak

• Perfect Competition

• Perfectly Competitive Long-Run Equilibrium

• Perfectly Elastic

• Perfectly Inelastic

• Phillips Curve

• Positive Externality

• Present Value

• Price Ceiling

• Price Discrimination

• Price Elastic Demand

• Price Elasticity of Demand

• Price Elasticity of Supply

• Price Floor

• Price Index

• Price Inelastic Demand

• Prisoners’ Dilemma

• Private Goods

• Private Saving

• Producer Surplus

• Product Differentiation

• Production Function

• Production Possibilities

• Production Possibility Frontier (Curve)

• Productive Efficiency

• Productivity

• Profit-Maximizing Rule

• Profit-Maximizing Resource Employment

• Progressive Tax

• Property Rights

• Proportional Tax

• Protective Tariff

• Public Goods

• Public Saving

• Quantity Theory of Money

• Real Gross Domestic Product (GDP)

• Real Income

• Real Rate of Interest

• Real Rate of Interest

• Recession

• Recession

• Recessionary Gap

• Regressive Tax

• Relationship Between Average Product of Labor (APL) and Average Variable Cost (AVC)

• Relationship Between Marginal Product of Labor (MPL) and Marginal Cost (MC)

• Relative Prices

• Renewable Resources

• Rental Rate

• Required Reserves

• Reserve Ratio (rr)

• Resources

• Revenue Tariff

• Rival in Consumption

• Saving Function

• Scarcity

• Seasonal Unemployment

• Secondhand Sales

• Short Run

• Shortage

• Shutdown Point

• Slope and Elasticity

• Specialization

• Spending Multiplier

• Spillover Benefits

• Spillover Costs

• Stagflation

• Sticky Prices

• Stock

• Strategic Behavior

• Structural Unemployment

• Subsidy

• Substitute Goods

• Substitution Effect

• Sunk Cost

• Supply Curve

• Supply of Loanable Funds

• Supply Schedule

• Supply Shocks

• Supply-Side Boom

• Supply-Side Fiscal Policy

• Surplus

• Tacit Collusion

• Tax Bracket

• Tax Multiplier

• Technology

• The Firm

• Theory of Liquidity Preference

• Time Value of Money

• Total Cost (TC)

• Total Fixed Costs (TFCs)

• Total Product of Labor (TPL)

• Total Revenue

• Total Revenue Test

• Total Utility (TU)

• Total Variable Costs (TVC)

• Total Welfare

• Trade-Offs

• Transaction Demand

• Trough

• Underground Economy

• Unemployed

• Unemployment Rate

• Unions

• Unit Elastic Demand

• Utility

• Utility Maximizing Rule

• Utils

• Values of Cross-Price Elasticity of Demand

• Values of Income Elasticity

• Variable Inputs

• Velocity of Money

• Wealth Effect

• Willingness to Pay

• World Price