|
Advanced Placement Microeconomics
Advanced Placement (AP) Microeconomics (also known as AP Micro) is a course offered by the College Board as part of the Advanced Placement Program for high school students interested in college-level coursework in microeconomics and/or gaining advanced standing in college. The course begins with a study of fundamental economic concepts such as scarcity, opportunity costs, production possibilities, specialization, and comparative advantage. Major topics include the nature and functions of product markets; factor markets; and efficiency, equity, and the role of government. AP Microeconomics is often taken in conjunction with or after AP Macroeconomics. Topics outline and distribution of topics *Basic Economic Concepts (8-14%) *The Nature and Functions of Product Markets (55-70%) *Factor Markets (10-18%) *Market Failure and the Role of Government (12-18%) The exam *Multiple Choice 0 minutes, weighted 2/3 (66.7%) of the total exam score*Free-Response 0 minutes of planning then 5 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Advanced Standing
Transfer credit, credit transfer, or advanced standing are the terms used by colleges and universities for the procedure of granting credit to a student for educational experiences or courses undertaken at another institution. This is a subset of Recognition of Prior Learning (which also includes prior work or non-institutional experience for credit). "Advanced standing" is also used to describe the status of a student granted credit, as distinct from normal course entrants who commence the stream of study at the beginning. Background When a student transfers, he or she usually provides his or her academic transcript(s) which lists the course taken, grade, and other attributes from each institution they attended when applying for enrollment. Each transcript and the listed courses are tentatively evaluated to see if any of the courses taken satisfy the requirements of the receiving institution. Transfer credit is not official until an academic officer of the college or universit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
College
A college (Latin: ''collegium'') is an educational institution or a constituent part of one. A college may be a degree-awarding tertiary educational institution, a part of a collegiate or federal university, an institution offering vocational education, or a secondary school. In most of the world, a college may be a high school or secondary school, a college of further education, a training institution that awards trade qualifications, a higher-education provider that does not have university status (often without its own degree-awarding powers), or a constituent part of a university. In the United States, a college may offer undergraduate programs – either as an independent institution or as the undergraduate program of a university – or it may be a residential college of a university or a community college, referring to (primarily public) higher education institutions that aim to provide affordable and accessible education, usually limited to two-year as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scarcity
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. If the conditions of scarcity didn't exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce..." Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself."Montani G. (1987) Scarcity. In: Palgrave Macmillan (eds) ''The New Palgrave Dictionary of Economics''. Palgrav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Cost
In microeconomic theory, the opportunity cost of a particular activity is the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity. More effective it means if you chose one activity (for example, an investment) you are giving up the opportunity to do a different option. The optimal activity is the one that, net of its opportunity cost, provides the greater return compared to any other activities, net of their opportunity costs. For example, if you buy a car and use it exclusively to transport yourself, you cannot rent it out, whereas if you rent it out you cannot use it to transport yourself. If your cost of transporting yourself without the car is more than what you get for renting out the car, the optimal choice is to use the car yourself. In basic equation form, opportunity cost can be defined as: "Opportunity Cost = (returns on best Forgone Option) - (returns on Chosen Option)." The opportunity cost of mowing one’s own la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comparative Advantage
In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. (The absolute advantage, comparing output per time (labor efficiency) or per quantity of input material (monetary efficiency), is generally considered more intuitive, but less accurate — as long as the opportunity costs of producing goods across countries vary, productive trade is possible.) David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at producing ''every'' single good than workers in other countries. He ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AP Macroeconomics
Advanced Placement (AP) Macroeconomics (also known as AP Macro and AP Macroecon) is an Advanced Placement macroeconomics course for high school students that culminates in an exam offered by the College Board. Study begins with fundamental economic concepts such as scarcity, opportunity costs, production possibilities, specialization, comparative advantage, demand, supply, and price determination. Major topics include measurement of economic performance, national income and price determination, fiscal and monetary policy, and international economics and growth. AP Macroeconomics is frequently taught in conjunction with (and, in some cases, in the same year as) AP Microeconomics as part of a comprehensive AP Economics curriculum, although more students take the former. Topic outline Basic Economic Concepts (8–12%) *Scarcity, choice, and opportunity costs *Production–possibility frontier, Production possibilities curve *Comparative advantage, absolute advantage, specializa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also deal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics Education
Economics education or economic education is a field within economics that focuses on two main themes: *The current state of, and efforts to improve, the economics curriculum, materials and pedagogical techniques used to teach economics at all educational levels; and *Research into the effectiveness of alternative instructional techniques in economics, the level of economic literacy of various groups, and factors that influence the level of economic literacy. Economics education is distinct from economics of education, which focuses on the economics of the institution of education. This article discusses the field conceptually, and also provides a general outline of the typical curriculum. Economics education Characterization Akarowhe found that Economics Education can be seen as a process, science and product: *as a process - economics education involves a time phase of inculcating the needed skills and values on the learners, in other words, it entails the preparation of lear ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Glossary Of Economics
This glossary of economics is a list of definitions of terms and concepts used in economics, its sub-disciplines, and related fields. 0–9 A B C D E F G by Phil Thornton, 26 Apri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpeg "Click for more on -> Scarcity")
