Ap Macroeconomics Summer Assignment Economics Worksheets
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1
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3Summer Assignment
Name: _________________________
AP Macroeconomics Summer Assignment
Total: ( ___ / 100)
This packet is due at the beginning of our second class meeting. Please manage your time and
complete the assignment before the beginning of the school year. Failure to complete this
assignment may affect your ability take this course. The study of economics is a highly
rewarding enterprise and I hope that you will have fun during this undertaking! Please feel free
to contact me () if you have questions about the assignment.
Good luck!
Mr. Oppermann
Unit 1: Principles of Economics: Key Terms
( __ / 40)
Read ch. 1-4 of Mankiw and write out a list of definitions for the following terms.
Terms with an asterisk (*) require that you draw a graph or a chart.
1. Scarcity
21. Comparative advantage (defined in
2. Tradeoffs
terms of opportunity cost)*
3. Economics
22. Terms (price) of trade
4. Opportunity cost
23. Specialization
5. Free-markets
24. Imports
6. Invisible hand (laissez-faire)
25. Exports
7. Microeconomics
26. Law of demand
8. Macroeconomics
27. Demand curve*
9. Positive
28. 5 shifters of demand
10. Normative
29. Normal goods
11. Production possibilities
30. Inferior goods
frontier/curve (PPF or PPC)*
31. Substitutes
12. Efficiency (shown on PPC)*
32. Complements
13. Inefficiency (shown on PPC)*
33. Law of supply
14. Increasing opportunity cost
34. Supply curve*
15. Constant opportunity cost
35. 4 shifters of supply
16. Straight v. bowed-out PPC*
36. Equilibrium*
17. Outward-shifters of the PPC
37. Equilibrium price*
18. Circular flow diagram*
38. Equilibrium quantity*
19. Factors of production
39. Shortage*
20. Absolute advantage
40. Surplus*
Mr. Oppermann’s AP Macroeconomics – p.1
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