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AP Human Geography Perspective Flashcards

Definitions and key ideas for AP Human Geography Unit 1 - Geography: Its Nature and Perspectives

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6520420855LatitudeThe numbering system used to indicate the location of parallels drawn on a globe and measuring distance north and south of the equator0
6520420856LongitudeThe numbering system used to indicate the location of meridians drawn on a globe and measuring distance east and west of the prime meridian (0°).1
6520420857GPSA system that determines the precise position of something on Earth through a series of satellites, tracking stations, and recievers.2
6520420858GISA computer system that stores, organizes, analyzes, and displays geographic data.3
6520420859GeographyThe study of the earth's surface, climate, continents, countries, peoples, industries, and products.4
6520420860CartographyThe art and science of mapmaking5
6520420861CultureThe body of customary beliefs, social forms, and material traits that together constitute a group of people's distinct tradition6
6520420862Cultural LandscapeFashioning of a natural landscape by a cultural group7
6520420863HearthThe region from which innovative ideas originate8
6520420864MeridianAn arc drawn on a map between the North and South poles9
6520420865MapA two-dimensional, or flat, representation of Earth's surface or a portion of it10
6520420866ParallelA circle drawn around the globe parallel to the equator and at the right angles to the meridians11
6520420867PlaceA specific point on Earth distinguished by a particular location12
6520420868ProjectionThe system used to transfer locations from Earth's surface to a flat map13
6520420869RegionAn area distinguished by a unique combination of trends or features14
6520420870ScaleGenerally, the relationship between the portion of Earth being studied and Earth as a whole, specifically the relationship between the size of an object on a map and the size of the actual feature on Earth's surface.15
6520420871SpaceThe physical gap or interval between two objects16
6520420872Space-Time CompressionThe reduction in the time it takes to diffuse something to a distant place, as a result of improved communications and transportation systems17
6520420873ToponymThe name given to a portion of Earth's surface18
6520420874ResourceA substance in the environment that is useful to people, is economically and technologically feasible to access, and is socially acceptable to use19
65204208755 Themes of GeographyLocation, Movement, Place, Human Interaction, Region20
6520420876Spatial AssociationThe distribution of one phenomenon is spatially related to the distribution of another21
6520420877GlobalizationActions or processes that involve the entire world and result in making something worldwide in scope22
6520420878InfrastructureThe stock of basic facilities and capital equipment needed for the functioning of a country or area23
6520420879RegionalizationThe organization of earth's surface into distinct areas that are viewed as different from other areas24
6520420880Spatial OrganizationThe location of places, people, and events, and the connections among places and landscapes (defines human life on earth, with all its similarities and differences)25
6520420881LandscapesThe overall appearance of an area that is shaped by both human and natural influences26
6520420882EratosthenesGreek scholar in 3rd century BC who accurately calculated the circumference of the earth by measuring the sun's angles at the summer solstice at 2 points along the Nile River27
6520420883PtolemyGreek scholar who lived 500 years before Eratosthenes recalculated the earth's circumference inaccurately by 9,000 miles, but his mistake was taken as truth for hundreds of years. He wrote Guide to Geography that included rough maps of landmasses, and developed a global grid system which was a forerunner to our modern system of latitude and longitude.28
6520420884IdrisiAn 11th century Arab geographer that worked for the king of Sicily to collect geographical information into a remarkably accurate representation of the world. Under his direction, an academy of geographers gathered maps and went out on their own scientific expeditions.29
6520420885Types of DistortionThe shapes of areas; the distances between places; the relative size of different areas; the direction from one place to another30
6520420886Mercator ProjectionInvented by Flemish cartographer Gerardus Mercator for ships navigating across the Atlantic Ocean in 1569. The map is meant for direction. However, the projection distorts sizes of areas, particularly as you get closer to the North and South poles31
6520420887Robinson ProjectionA map that curves inward to fix the distortion of the Mercator, but makes the landmasses look smaller than they really are. It is an attempt to balance all distortions by making errors in all 4 ways. As a result, it is a good projection for general use32
6520420888Peters ProjectionIntroduced in 1974 by Arno Peters, and focuses on keeping landmasses equal in area. As a result, the shapes are distorted, and the map looks unfamiliar to viewers33
6520420889ScaleSize of the unit studied (local, regional, or global scale); Map scale (mathematical relationship between the size of an area on a map and its actual size on earth)34
6520420890Ways to Identify PlacePlace name, site, situation, and absolute location35
6520420891SiteThe physical character of a place36
6520420892SituationThe location of a place relative to other places37
6520420893Multi-national CorporationsCompanies that have centers of operation in many parts of the globe38
6520420894Physical Site CharacteristicsClimate, topography, soil, water sources, vegetation, and elevation39

AP Unit 6 Flashcards

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7117233551bildungsromana novel dealing with the formative years of a character; a coming of age story0
7117233552epiphanya moment of sudden insight/revelation that a character experiences1
7117233553oxymorona phrase composed of opposites; a contradiction, juxtaposition of contradictory elements to create a paradoxical effect2
7117233794sarcasma sharp, caustic expression or remark; a bitter jibe or taunt3
7117233795stream of consciousnessa writing style in which the author tries to reproduce the random flow of thoughts in the human mind4
7117234061iambthe combination of one unstressed followed by a stressed syllable5
7117234062dynamic charactera character that changes throughout a story6
7117235087static charactera character that does not change throughout a story7
7117235088round charactera well-developed character8
7117235343flat charactera partially-developed character9
7117235737trocheethe combination of a stressed followed by an unstressed syllable10
7117235738foota basic rhythmic unit formed by a combination of two syllables11
7117235739free versea kind of poetry without rhymed lines, rhythms, or fixed metrical feet12
7117236235meterthe pattern of stressed and unstressed syllables in a line of poetry13
7117236236pentameter5 feet of poetry per line14
7117236237prosodythe grammar of meter and rhythm in poetry15
7117236512pastorala work of literature dealing with rural / country life16
7117236513quatrainfour lines of poetry that form a unit17
7117241160scansionthe act of determining the meter of a poetic line18
7117241449asyndetondeliberate omission of conjunctions between a series of related clauses used to produce a hurried rhythm in the sentence19

Vocabulaire 5 (Pre-AP) Flashcards

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8076631416Comment es-tu?How are you? (describe yourself)0
8076631417Je suisI am1
8076631418Je ne suis pasI am not2
8076631419grand(e)tall3
8076631420de taille moyenneaverage height4
8076631421petit(e)short5
8076631422intelligent(e)smart6
8076631423sociablesociable, outgoing7
8076631424timideshy, timid8
8076631425méchant(e)mean9
8076631426gentil(le)nice, kind10
8076631427beauhandsome11
8076631428bellebeautiful12
8076637575vieux/vieilleold13
8076640022jeuneyoung14
8076645048énergiqueenergetic15
8076648731fatigué(e)tired16
8076820436tristesad17
8076822801content(e)happy18
8076631429J'aiI have19
8076631430les cheveuxhair20
8076631431longslong21
8076631432courtsshort22
8076631433bruns/châtainsbrown (hair)23
8076631434blondsblond (hair)24
8076631435raidesstraight25
8076631436onduléswavy26
8076631437friséscurly27
8076631438les yeuxeyes28
8076631439marronbrown (not for hair)29
8076631440bleusblue30
8076631441vertsgreen31
8076631442noirsblack32
8076631443noisettehazel33

APES Ch 4 Flashcards

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5229085497PopulationA group of individuals that belong to the same species and live in the same area0
5229085498CommunityA group of interdependent organisms inhabiting the same region and interacting with each other1
5229085499Population growthThe change in number of individuals within a population2
5229085500EquilibriumA state of balance among the components of a system3
5229085501Population growth rateThe change in population numbers divided by the time over which that change occurs.4
5229085502Exponential increaseThe growth produced when a base population increases by a given percentage (as opposed to a given amount) each year. An exponential increase is characterized by doubling again and again, each doubling occurring in the same period of time. It produces a J-shaped curve.5
5229085503Population explosionThe exponential increase observed to occur in a population when conditions are such that a large percentage of the offspring are able to survive and reproduce in turn. A population explosion frequently leads to over exploitation and eventual collapse of the ecosystem.6
5229085505J-curveThe shape of a population growth graph when the population is growing exponentially.7
5229085506carrying capacity (K)Largest number of individuals of a particular species that a particular environment can support8
5229085507Logistic growthA pattern of growth of a population that results in an S-shaped curve plotted over time, such that the population levels off at the carrying capacity (K).9
5229085508S-curveThe shape of a population growth graph when the population growth slows and approaches carrying capacity.10
5229085509Biotic potentialThe maximum rate at which a population could increase under ideal conditions11
5229085510RecruitmentThe maturation and successful entry of young into an adult breeding population.12
5229085511Environmental resistanceAll the limiting factors that tend to reduce population growth rates and set the maximum allowable population size or carrying capacity of an ecosystem13
5229085513Reproductive strategiesA life history property of a species that involves a balance between reproduction and death.14
5229085514r-strategistsA reproductive strategy of a species that involves producing large numbers of young (a high reproductive rate) and survival of smaller numbers over time. Also called opportunistic species.15
5229085515K-strategistsA reproductive strategy for a species whereby there is a low reproductive rate but good survival of young due to care and protection by adults. Also called equilibrium species.16
5229085517Population densityNumber of individuals per unit area17
5229085518Density-dependent factorFactor that limits a population more as population density increases. Includes competition, predation, and disease18
5229085519Density-independent factorFactors that limit populations but are unrelated to population density. Includes catastrophic events and natural disaters19
5229085532ParasitesAn organism that lives in or on another organism, deriving nourishment at the expense of its host, usually without killing it20
5229085534PathogensMicrobes that cause disease21
5229085536TerritoryAn area that is occupied and defended by an animal or group of animals.22
5229085537FitnessAbility of an organism to survive and reproduce in its environment.23
5229085538Natural selectionA process in which individuals that have certain inherited traits tend to survive and reproduce at higher rates than other individuals because of those traits.24
5229085541Selective pressuresForces in the environment that influence reproductive success in individuals25
5229085543Biological evolutionNon-random changes in genotype or allele frequencies across generations26
5229085545Reproductive isolationSeparation of species or populations so that they cannot interbreed and produce fertile offspring27
5229085546Plate tectonicsThe theory that pieces of Earth's lithosphere are in constant motion, driven by convection currents in the mantle.28
5229085547Tectonic platesAn irregular section of the lithosphere that floats on the earth's mantle29
5229085548tsunamiA long high sea wave usually caused by an earthquake.30
5229355724Ecologythe study of how organisms interact with one another and with their environments31
5229355734Population sizethe number of individual organisms present in a population at a given time32
5229355735Population densitythe number of individuals in a population per unit of area33
5229355736Population distributionhow organisms are arranged in an area; sometimes called population dispersion34
5229355737Population equilibriumA state of balance between births and deaths in a population35
5229355738Population explosionThe exponential increase observed to occur in a population when conditions are such that a large percentage of the offspring are able to survive and reproduce in turn. A population explosion frequently leads to over exploitation and eventual collapse of the ecosystem.36
5229355739Sex ratiothe proportion of males to females in a population37
5229355740Survivorship curvea graph showing the likelihood of survival within a group or population by age38
5229355741Immigrationthe movement of individuals to a given area39
5229355742Emigrationthe movement of individuals away from a given area40
5229355743Migrationthe seasonal movement of organisms into and out of an area41
5229355744Exponential growththe pattern of population growth in which a population increases by a fixed percentage each year42
5229355745Limiting factora characteristic of the environment that restricts population growth43
5229355746Carrying capacitythe largest population a given environment can support44
5229355747Logistic growththe pattern of population growth in which exponential growth is slowed and finally stopped by limiting factors45
5229355751SymbiosisThe intimate living together or association of two kinds of organisms46
5229355752MutualismA close relationship between two organisms from which both derive a benefit47
5229355753CommensalismA relation between two species in which one is benefited and the other is not affected48
5229355754AmensalismAn interaction between species whereby one species is harmed, while the other is unaffected.49
5229355755ParasitismA relation between two species in which one is benefited and the other is harmed50
5229355758Keystone speciesA species whose role is essential for the survival of many other species in an ecosystem.51
5229355759INTERspecific competitionCompetition for resources between members of two or more species52
5229355760INTRAspecific competitionCompetition for resources between members of the same species53
5229355762PredatorAn animal that feeds on another living organism, either plant or animal54
5229355763PreyAn organism that is fed on by a predator55
5229355764CarnivoreAn animal that feeds more or less on exclusively on other animals56
5229355765HerbivoreAn organism such as a rabbit or a deer that feeds primarily on green plants or plant products such as seeds or nuts. (Synonym: primary consumer.)57
5229355766HostIn feeding relationships, particularly parasitism, refers to the organism that is being fed upon or affected by the parasite.58
5229355767Reproductive IsolationOne of the processes of speciation, involving anything that keeps individuals or subpopulations from interbreeding.59
5229355768Critical numberThe minimum number of organisms necessary for a species to survive60
5229355769ThreatenedA species that could become endangered in the near future61
5229355770EndangeredA species whose numbers are so small that the species is at risk of extinction62
5229355771PredationAn interaction in which one organism captures and feeds on another organism63
5229355772Dynamic EquilibriumA state of balance between continuing processes.64

Deutsch AP Einheit 5 Flashcards

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5390743556die Reimschemathe rhyme scheme0
5390746890die hohe Literaturthe high literature1
5390759715die Inszenierungthe theater production2
5390763551der Mittelpunkt des Bildesthe center of the picture3
5390765501die Zeilethe line4
5390765502die Kunstbewegungthe art movement5
5390767815die Symphoniethe symphonie6
5390769476die Romantikthe Romanticism7
5390772003die Einbildungskraftthe imagination8
5390772004die Vernunftthe rationality9
5390774182die Nachahmungthe impersonation10
5390775932der Schattenrissthe outline11
5390778803die Absichtthe intention12
5390778804der Vordergrundthe foreground13
5390781557die Rezensionthe review14
5390785900die Ablenkungthe distraction15
5390789391der Hintergrundthe background16
5390789392das Gemäldethe painting17
5390791305die brotlose Kunstthe unprofitable Arts18
5390795938das Selbstbildnisthe self portrait19
5390799410die Interpretationthe interpretation20
5390801426die Darstellungthe portrayal21
5390803259die Modernethe modern period22
5390803261die Strophethe stanza23
5390806580Das symbolisiertthat symbolizes24
5390809245auf der rechten Seiteon the right side25
5390809246auf der linken Seiteon the left side26
5390810728Im Vordergrund gibt esIn the foreground there is27
5390813386Im Hintergrund gibt esIn the background there is28
5390817419Es ist offensichtlich, dass der KünstlerIt is obvious that the artist29
5390824468Das wurde 1799 gemaltThat was painted in 179930
5390824469Das wurde 1799 geschriebenThat was written in 179931
5390824470Das wurde 1799 gemachtThat was done in 179932
5390828868Das wurde 1999 aufgenommenThat was recorded in 199933
5390830946Das wurde 1799 komponiertThat was komposed in 179934
5390830947Das wurde 1999 gefilmtThat was filmed in 199935
5390820727Der Künstler verwendet hauptsächlichThe artist uses mainly36

Luterbach AP PSYCH 3 Flashcards

Biopsychology and the Foundations of Neuroscience

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5142078705biopsychologySpecialty in psychology that studies the interaction of biology, behavior and mental process0
5142078706neuroscienceperspective on psychology that emphasizes the study of the brain and its effects on psychological processes and behavior1
5142078707evolutionthe gradual change in a species over time2
5142078708natural selectionthe principle that, among the range of inherited trait variations, those that lead to increased reproduction and survival will most likely be passed on to succeeding generations3
5142078715neurona nerve cell; the basic building block of the nervous system OR a nerve cell - the basic building block of the nervous system.4
5142078716sensory neuronnerve cell that carries information from the environment to the central nervous system5
5142078717motor neurona neuron conducting impulses outwards from the brain or spinal cord6
5142078718interneurona nerve cell that relays messages between nerve cells, especially in the brain and spinal cord7
5142078719dendritethe bushy, branching extensions of a neuron that receive messages and conduct impulses toward the cell body8
5142078720somacell body of a neuron - includes nucleus and chromosomes9
5142078721axonlong fiber that carries impulses away from the cell body of a neuron10
5142078722resting potentialThe stable, negative charge of a neuron when it is inactive or ready to "fire"11
5142078723action potentiala neural impulse; a brief electrical charge that travels down an axon.It is generated by the movement of positively charged atoms in and out of channels in the axon's membrane12
5142078724all or none principlethe fact that the neuron either fires at 100% or not at all13
5142078725synapsethe junction between the axon tip of the sending neuron and the dendrite or cell body of the receiving neuron. The tiny gap at this junction is called the synaptic gap or cleft.14
5142078726terminal buttonsSmall knobs at the end of axons that secrete chemicals called neurotransmitters15
5142078729neurotransmitterschemical messengers that traverse (cross) the synaptic gaps between neurons16
5142078730plasticitythe nervous system capacity for modification, as evident in brain reorganization following damage (especially in children) and in experiments on the effects of experience on brain development.17
5142078731glial cellsCells in the nervous system that are not neurons but that support, nourish, and protect neurons - they also make up the myelin sheath18
5142078732nervous systemthe body's speedy, electrochemical communication network, consisting of all the nerve cells of the peripheral and central nervous systems19
5142078733central nervous systemThe brain and spinal cord20
5142078734reflexa simple, automatic, inborn response to a sensory stimulus, such as the knee-jerk response21
5142078735peripheral nervous systemthe section of the nervous system lying outside the brain and spinal cord22
5142078736somatic nervous systemthe division of the peripheral nervous system that controls the body's skeletal muscles. Also called the skeletal nervous system23
5142078737autonomic nervous systemThe part of the peripheral nervous system that controls the glands and the muscles of the internal organs (such as the heart). Its sympathetic division arouses; its parasympathetic division calms.24
5142078738sympathetic divisionthe part of the autonomic nervous system that arouses the body to deal with perceived threats25
5142078739parasympathetic divisionBranch of the autonomic nervous system; it calms and relaxes the body26
5142078740endocrine systemthe body's "slow" chemical communication system; a set of glands that secrete hormones into the bloodstream27
5142078741hormonechemical messenger secreted from glands of the endocrine system into the blood28
5142078742pituitary glandthe endocrine system's most influential gland (master gland). Under the influence of the hypothalamus, it regulates growth and controls other endocrine glands29
5142078743agonistA chemical that mimics or enhances the action of a neurotransmitter30
5142078744antagonistA chemical that opposes or inhibits the action of a neurotransmitter.31
5142078746electroencephalograph - EEGdevice used to record the electrical impulses of the brain via electrodes on the scalp32
5142078747computerized tomography - CT scanninga method of examining body organs (including the brain) by scanning them with X rays and using a computer to construct a series of cross-sectional scans along a single axis33
5142078748positron emission tomography - PET scanningA brain imaging technique that relies on the detection of radioactive sugar consumed by active brain cells34
5142078749magnetic resonance imaging - MRIa noninvasive imaging technique that exposes the body to a high-energy magnetic field, which causes protons in the body to arrange themselves in relation to the field; creates a color-coded image on a monitor35
5142078751brain stemAKA the hind-brain or reptilian brain, it is the most primitive part of the brain connecting the brain to the spinal cord36
5142078752medullapart of the brain stem that controls heart rate, blood pressure, and respiration through the spinal cord. Also, all sensory and motor impulses must cross it.37
5142078753ponspart of the brain stem involved in sleep/wake cycles and brain activity during sleep and dreaming. It also connects cerebellum and medulla to the cerebral cortex.38
5142078754reticular formationa a pencil shaped nerve network in the brainstem that plays an important role in controlling arousal and alertness39
5142078755Thalamusthe brain's sensory switchboard or relay station, located on top of the brainstem; it directs messages to the sensory receiving areas in the cortex and transmits replies to the cerebellum and medulla40
5142078756cerebellumthe "little brain" attached to the rear of the brainstem; it helps coordinate voluntary movement and balance41
5142078757limbic systemAKA the mid-brain or mammalian brain - it is involved in memory and emotion. It includes the hippocampus, amygdala, hypothalamus and other structures42
5142078758hippocampusa seahorse shaped part of the limbic system that regulates long term memories43
5142078759amygdalacomponents of the limbic system and are linked to emotion (particularly fear and aggression) and memory44
5142078760hypothalamuspart of the limbic system, it is a neural structure lying below the thalamus; directs eating, drinking, body temperature; helps govern the endocrine system via the pituitary gland,45
5142078761frontal lobethat part of the cerebral cortex in either hemisphere of the brain lying directly behind the forehead - , associated with reasoning, planning, speech, movement, emotions, and problem solving46
5142078762motor cortexan area at the rear of the frontal lobes that controls voluntary movements47
5142078763somatosensory cortexa strip of the parietal lobe just behind the motor strip that is involved in sensations of touch, temperature, pain and pressure48
5142078764occipital lobesthe portion of the cerebral cortex lying at the back of the head; includes the visual areas, which receive visual information from the opposite visual field49
5142078765parietal lobesthe portion of the cerebral cortex lying at the top of the head and toward the rear; receives sensory input for touch and body position50
5142078766visual cortexlocated in the back of the brain, it is the main information-processing center for visual information51
5142078767temporal lobesthe portion of the cerebral cortex lying roughly above the ears; includes the auditory areas, each of which receives auditory information primarily from the opposite ear and is involved in speech processing and perhaps long term memory storage52
5142078768association cortex (areas)cortical regions throughout the brain that combine information from various other parts of the brain - higher level thinking, sets us apart from animal kingdom53
5142078770corpus callosumthe large band of neural fibers connecting the two brain hemispheres and carrying messages between them54

AP Economics Chapter 8 Flashcards

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5018971885economic costA payment that must be made to obtain and retain the services of a resource0
5018971886explicit costThe monetary payment a firm must make to an outsider to obtain a resource.1
5018971887implicit costThe monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market2
5018971888normal profitThe payment made by a firm to obtain and retain entrepreneurial ability3
5018971889economic profitThe total revenue of a firm less its economic costs(which include both explicit costs and implicit costs)4
5018971890short runIn microeconomics, a period of time in which producers are able to change the quantities of some but not all of the resources they employ5
5018971891long runIn microeconomics, a period of time long enough to enable producers of a product to change the quantities of all the resources they employ6
5018971892total productThe total output of a particular good or service produced by a firm7
5018971893marginal productThe additional output produced when 1 additional unit of a resource is employed8
5018971894average productThe total output produced per unit of a resource employed9
5018971895law of diminishing returnsThe principle that as a consumer increases the consumption of a good or service, the marginal utility obtained from each additional unit of the good or service decreases.10
5018971896fixed costAny cost that in total does not change when the firm changes its output.11
5018971897variable costA cost that in total increases when the firm increases its output and decreases when the firm reduces its output.12
5018971898total costThe sum of fixed cost and variable cost.13
5018971899average fixed costA firm's total fixed cost divided by output14
5018971900average variable costA firm's total variable cost divided by output.15
5018971901average total costA firm's total cost divided by output16
5018971902marginal costThe extra (additional) cost of producing 1 more unit of output17
5018971903economies of scaleReductions in the average total cost of producing a product as the firm expands the size of plant (its output) in the long run.18
5018971904diseconomies of scaleIncreases in the average total cost of producing a product as the firm expands the size of its plant (its output) in the long run.19
5018971905constant returns to scaleUnchanging average total cost of producing a product as the firm expands the size of its plant (its output) in the long run.20
5018971907natural monopolyAn industry in which economies of scale are so great that a single firm can produce the product at a lower average total cost than would be possible if more than one firm produced the product.21
5018971908pure competitionA market structure in which a very large number of firms sells a standardized product, into which entry is very easy, in which the individual seller has no control over the product price, and in which there is no nonprice competition22
5018971909pure monopolyA market structure in which one firm sells a unique product, into which entry is blocked, in which the single firm has considerable control over product price, and in which nonprice competition may or may not be found.23
5018971910monopolistic competitionA market structure in which many firms sell a differentiated product, into which entry is relatively easy, in which the firm has some control over its product price, and in which there is considerable nonprice competition.24
5018971911oligopolyA market structure in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms), and in which there is typically nonprice competition.25
5018971912imperfect competitionAll market structures except pure competition26
5018971913price takerA seller (or buyer) that is unable to affect the price at which a product or resource sells by changing the amount it sells (or buys).27
5018971914average revenueTotal revenue from the sale of a product divided by the quantity of the product sold (demanded)28
5018971915total revenueThe total number of dollars received by a firm (or firms) from the sale of a product29
5018971916marginal revenueThe change in total revenue that results from the sale of 1 additional unit of a firm's product30
5018971917break-even pointAn output at which a firm makes a normal profit (total revenue=total cost) but not an economic profit.31
5018971918MR = MC ruleThe principle that a firm will maximize its profit by producing the output at which marginal revenue and marginal cost are equal, provided product price is equal to or greater than average variable cost.32
5018971919short-run supply curveA supply curve that shows the quantity of a product a firm in a purely competitive industry will offer to sell at various prices in the short run33
5018971920long-run supply curveAs it applies to macroeconomics, a supply curve for which price, but not real output, changes when the demand curves shifts34
5018971921constant-cost industryAn industry in which expansion by the entry of new firms has no effect on the prices firms in the industry must pay for resources and thus no effect on production costs.35
5018971924productive efficiencyThe production of a good in the least costly way36
5018971925allocative efficiencyThe apportionment of resources among firms and industries to obtain the production of the products most wanted by society.37
5018971926consumer surplusThe difference between the maximum price a consumer is (or consumers are) willing to pay for an additional unit of a product and its market price.38
5018971927producer surplusThe difference between the actual price a producer receives (or producers receive) and the minimum acceptable price.39
5041039283Creative DestructionA company creatively overpowers other companies by making better and bigger stuff.40
5041065445Shut Down RuleAVC>P41
5260646353Monopolistic competitionA market structure in which a large number of firms make similar but slightly different products and compete on product quality, price, and marketing, and firms are free to enter or exit the market.42
5260652760MonopolyA market structure in which there is one firm, which produces a good or service that has no close substitutes and in which the firm is protected from competition by a barrier preventing the entry of new firms.43
5260657853Normal ProfitThe return to entrepreneurship. It is the profit that an entrepreneur earns on average.44
5311932457Game TheoryThe use of mathematical models to represent complex decision making in which the actions of other group members must be taken into account.45
5311936092Example of an Oligopolyoil companies, cereal companies, car manufacturers, airlines46
5311937581Cartela formal organization of producers that agree to coordinate prices and production47
5311943100Dominant Strategya strategy that is the best for a firm, no matter what strategies other firms use48
5311946459Kinked Demand Curve49
5311950280Price Discrimination50
5311957578Pure Monopoly51
5311961288Perfect Competition52
5311972578Monopolistic Competition53

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