1、AP ECONOMICSQuantEconomicsAccountingCorporate FinanceEquityForex/CommodityFixed IncomeDerivativesAlternativePortfolioFinancialAnalyst EconomicspCollege level coursepGrant student creditpHigher chances for college enrollment%of GradeNumber of QuestionsTime Allotted Reading PeriodSection I66 2/36070 m
2、inutes Section II33 1/31 long+2 short50 minutes10 minutesAP Score Qualification5 Extremely well qualified4 Well qualified3 Qualified2 Possibly qualified1 No recommendationpEconomics studies how resources are used and how can be used to their fullest potential.pMacroeconomics:involves economic proble
3、ms concerned by the nation.pMicroeconomics:concerns the economic problems faced by individuals,or firms.成本支出要素需求销售收入产品供给产品需求消费支出要素收入要素供给企 业家 庭产品市场要素市场实物流货币流pPositive economics:is based on the scientific methods,pNormative economics:involves ones value judgments,personal opinions,and not based on a s
4、cientific investigation.pNeither of these two has superiority.pA resource is anything that can be used to produce a good or service.It includes:nLand:all natural resources.nLabor:all human attributes that are productive,eg.labor force,labor time,intellectual capability,etc.nCapital:productive equipm
5、ent or machinery,eg.factory,computers,paper clips,etc.pOp cost is what must be sacrificed to obtain something.pIn the macroeconomics,op cost is:if a nation decides to produce one more unit of product A,how many units of product B will have to be sacrificed?pE.g.opp cost of guns=1.67 pounds butter/gu
6、npOr opp cost of butter=0.6 guns/butterGunsButter1830All the points along the frontier are equal:A,B,CPoints inside the frontier,D:resources are not fully used.Points outside the frontier,E:cannot be reached.BACDETwo factors cause the frontier to shift:p Changes in the amount of resources:nLand:new
7、territory found,oil exploitationnLabor:population growth,nCapital:place new equipmentp Changes in technology and productivity.nPositive change:,reach“E”nNegative change:,reach“D”GunsButter1525BAAs more of a product is produced,its op cost increases.When the resources are shifted from butter to gun p
8、roduction,not many more guns are produced,but a lot of butter must be sacrificed.The op cost of producing guns becomes high.When resources are forced to work in an industry where they are not proficient,they are less productive,and the op cost of producing a good becomes greater.Labor hours needed t
9、o produce a unit of:CountryWheatClothPortugal1020England2060 Absolute advantage:the production can be made more efficiently.Comparative advantage:a nation can produce the good with a lower op cost.Portugal has an absolute advantage over England in both wheat and cloth production.But trade can still
10、be beneficial to both countries even if Portugal has the absolute advantage.As trade is based on comparative advantage,not absolute advantage.CountryWheatClothOpportunity costsPortugal211/2 c/w2 w/cEngland311/3 c/w3 w/c England has lower op cost in wheat,Portugal has lower op cost in cloth.Each coun
11、try produced only the good with comparative advantage(lower op cost)and traded for the other good.Before specializationClothWheatEngland13Portugal52Total65After specializationEngland06Portugal60Trade is beneficial to all parties even when one party has an absolute advantage in everything.pDemandnLaw
12、 of demandnDemand curvenDeterminants of DemandnShift in demand and move along demandpSupply nLaw of supplynSupply curvenDeterminants of supplynShift in supply and move along supplypEquilibriumpPrice controlnPrice ceilingnPrice floorpThe Demand Functionnthe quantity of demanded depends on income,the
13、prices of other goods,as well as other factors pLaw of Demandndemand decreased as the price increasedPP*Q*QpDeterminants of DemandnPrice of productnConsumers incomenConsumer tastesnPrices of substitute productsnPrices of complementary productsnExpected future price of the productpThe Supply Function
14、nThe quantity supply depends on the selling price,the costs of production which depend on technology,the cost of labor,and the cost of other inputs into the production process.pLaw of supplynsupply increased as the price increasedPP*P0Q*QpDeterminants of SupplynPrice of the productnThe number of sel
15、lers(providers,suppliers)nCosts of resources or productionnPrices of substitute goods(goods that are also produced or could be using similar resources)nPrice expectationsnTechnologynTaxes/subsidiesShifts in and Movements along Demand and Supply CurvespMovements along demand and supply curves.沿着需求（供给
16、）曲线移动nA change in the market price that simply increases or decreases the quantity supplied or demanded is represented by a movement along the curve.pShifts in demand and supply curves.需求（供给）曲线本身发生移动nA change in one of the independent variables other than price will result in a shift of the curve it
17、self.Shifts in Demand and Supply CurvesAn increase in demandPriceQuantityOriginal demandA decreasein demandOriginal supplyQuantityPriceA decrease in supplyAn increase in suppleChange in DemandChange in Supply Change in Quantity Demand Change in Quantity SuppliedP0P1Q0Q1PriceSupplyQuantityPriceDemand
18、Q0Q1P0P1QuantityMovements along Demand and Supply CurvespEquilibrium price and the equilibrium quantitynWhen have a market supply and market demand curve for a good,we can solve for the price at which the quantity supplied equals the quantity demanded.We define this as the equilibrium price and the
19、equilibrium quantity.nE:market equilibrium.At the price,the quantity of supply=the quantity of demand.nD:买方对每个产量愿意支付的最高价格；S:卖方对每个产量愿意出售的最低价格;E:买方愿意支付的最高价格=卖方愿意出售的最低价格PQP*Q*EODSpIf the price is above its equilibrium level,the quantity willingly supplied exceeds the quantity consumers are willing to p
20、urchase,and we have excess supply.Suppliers willing to sell at lower price will offer those prices to consumers,driving the market price down towards the equilibrium level.pIf the market price is below its equilibrium level,the quantity demanded at that price exceeds the quantity supplied,and we hav
21、e excess demand.Consumers will offer higher prices to compete for the available supply,driving the market price up towards its equilibrium level.Suppliers reduce productionin response to declining priceSupplyQuantitysuppliedat$600/tonQuantitydemandedat$600/tonDemand3,000Excess supplydrives pricetowa
22、rd equilibrium$600$500$/tonDemandSupplyQuantitydemanded at$400/tonQuantitysuppliedat$400/tonExcess demanddrives pricetoward equilibriumSuppliers increase production in response to rising price3,000$500$400$/tonSE*E0D*DP0P0P*Q0Q*QS*E0E*DP0P*P0Q0Q*QSChange in demandChange in supplyEffect on equilibriu
23、m PEffect on equilibrium QUnknown+Unknown-+Unknown-UnknownPriceQuantityDemandSupplyPP0PExcess supplyExcess demandEquilibrium(E):no excess supply or demandpThere is no tendency for changenThe demand function and supply function stay the same or constant.pThe amounts demanded equal the amounts supplie
24、d(at the intersection of supply and demand).pThere is no surplus or shortage;the equilibrium price“clears”the market.PQSCeiling price(max)15258060DExcess demandCeiling Equilibrium P*P*PsPrice floor will lead to:pSupply over demandpCase:minimum wage causes unemployment谢谢观看精品PPT，下载后可编辑使用非常方便2022-11-2738
