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AP Microeconomics Problem Set T3-T5

The document is a problem set for AP Microeconomics that includes tasks related to the concept of scarcity and its application in various situations, specifically in theater ticket sales. It also requires students to memorize and state the '8 Ways of Economic Thinking' and to create an acronym for these concepts. The exercises aim to enhance understanding of fundamental economic principles.

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wsiepiela
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8 views1 page

AP Microeconomics Problem Set T3-T5

The document is a problem set for AP Microeconomics that includes tasks related to the concept of scarcity and its application in various situations, specifically in theater ticket sales. It also requires students to memorize and state the '8 Ways of Economic Thinking' and to create an acronym for these concepts. The exercises aim to enhance understanding of fundamental economic principles.

Uploaded by

wsiepiela
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

AP Microeconomics Name: ________________________________

Problem Set T3-T5 Date: _________________________________

T3: Apply the concept of scarcity to economic and non-economic situations.

1. Apply the concept of scarcity to the following situation: A theater company puts on plays, but the theatre
rarely sells out of tickets (i.e. there are always a few empty seats in the house). Why do they charge money
for the tickets since it appears that availability is not limited?

T4: State the “8 Ways of Economic Thinking”.

1. From memory, “state the 8.” (Yes, I know you can look at the list at home, but you won’t be able to on an
assessment, so know how to do it from memory.)

T5: Analyze the “8 Ways of Economic Thinking”.

1. Create your own “ACRONYM” for the “8 Ways of Economic Thinking”.

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