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 2 downloads

Unit 2 Checklist & Standards
File Size: 21 kb
File Type: docx
Download File

unit2studyguide2013-2014.docx
File Size: 72 kb
File Type: docx
Download File

Circular Flow Handout
File Size: 30 kb
File Type: docx
Download File


Unit 2 vocabulary

  • Unit 2 Quizlet Study Cards
UNIT 2 SUMMARY


This unit covers the fundamentals of supply and demand and how they work together determine prices and production in a market economy. All prices in our economy are linked to this concept! If demand for a product falls, you can be sure that its price will drop accordingly and vice-versa. 


This unit requires a lot of graphing and understanding what shifts supply and what shifts demand. We also cover the basics of circular flow, and how money serves as a medium of exchange in our economy. 


Unit 2 Key Terms: 

Know and understand these terms to be successful on the Unit 2 exam! 

  • circular flow
  • product market
  • resource/factor market
  • law of supply
  • law of demand
  • equilibrium price
  • market clearing price
  • demand inelasticity
  • demand elasticity
  • supply inelasticity
  • supply elasticity
  • price ceiling
  • price floor
  • surplus 
  • shortage
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