AP Review Notes

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AP Review Notes

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concepts

Absolute Advantage

Accounting Profit

Allocative Efficiency

Average Fixed Costs (AFC)

Average Product (AP)

Average Total Cost (ATC)

Average Variable Cost (AVC)

Barriers to Entry

Command Economy

Comparative Advantage

Comparison Table of The 5 Market Structure

Constant Returns to Scale

Consumer Surplus

Six Determinants of Supply

Supply and Marginal Social Cost (MSC)

The Law of Diminishing Marginal Returns

The Tragedy of the Commons

Total Revenue Test

Variable Resources

Economics

history-concepts

Satellite Countries

Self-Determination

Sirimavo Bandaranaike

Southeast Asia Treaty Organization (SEATO)

Soviet-Afghan War

Strategic Arms Limitation Treaty

Strategic Defense Initiative

Tehran Conference

Truman Doctrine

Ulster Defence Association

White Revolution

Winston Churchill

Wladyslaw Gomulka

World Revolution

Yalta Conference

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Shortage

The quantity demanded is greater than the quantity supplied.
Qd > Qs

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