THE ADAMSON ADVENTURE
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  • AP World History
    • AP Exam Review
    • Historical Thinking Skills for AP World
    • AP World History FRQs >
      • Long-Essay-Question (LEQ)
      • Document-Based Question
    • Unit 0: Foundations
    • Unit 1: The Global Tapestry (1200-1450)
    • Unit 2: Networks of Exchange (1200-1450)
    • Unit 3: Land-Based Empires (1450-1750)
    • Unit 4: Transoceanic Interconnections (1450-1750)
    • Unit 5: Revolutions (1750-1900)
    • Unit 6: Consequences of Industrialization (1750-1900)
    • Unit 7: Global Conflict (1900-present)
    • Unit 8: Cold War & Decolonization (1900-present)
    • Unit 9: Globalization (1750-1900)
  • AP Pscyhology
    • Unit 1: Scientific Foundations of Psychology
    • Unit 2: Biological Bases of Behavior
    • Unit 3: Sensation and Perception
    • Unit 4: Learning
    • Unit 5: Cognitive Pscyhology
    • Unit 6: Developmental Psychology
    • Unit 7: Motivation, Emotion, and Personality
    • Unit 8: Clinical Psychology
    • Unit 9: Social Psychology
  • AP World Summer Assignment

Unit 1 downloads

Unit 1 Study Guide
File Size: 18 kb
File Type: docx
Download File

Unit 1 Checklist & Standards
File Size: 18 kb
File Type: docx
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standardscoveredunit1.docx
File Size: 11 kb
File Type: docx
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Economic Themes Graphic Organizer
File Size: 11 kb
File Type: docx
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Economics Systems Graphic Organizer
File Size: 14 kb
File Type: docx
Download File


unit 1 vocabulary

  • Unit 1 Quizlet Study Cards
UNIT 1 SUMMARY

Unit 1 covers all of the fundamentals of economics. This includes the concept that every time we make a decision, it incurs a cost. We can't have everything we want because of scarcity, which is why we are forced to make decisions in the first place. It all comes back to economics!

Maybe you thought economics was all about money and investments, but really it's all about the choices we make in life (and why we make those choices). Unit 1 deals a lot with vocabulary terms that you may not be familiar with, so I would suggest making flash cards of the terms below. 



UNIT 1 KEY TERMS

Learn these terms to be successful on the Unit 1 exam! 
  • scarcity
  • trade offs
  • opportunity costs
  • incentive
  • production possibilities curves
  • inputs
  • outputs
  • allocate
  • productivity 
  • specialization
  • productive resources (land, labor, capital, & entrepreneurship) 
  • efficient
  • voluntary exchange 
  • rational decision 
  • marginal cost
  • marginal benefit
  • consumer
  • economics systems (market, command, mixed)
  • market failure
  • government regulation
  • deregulation 
  • safety nets
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