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Textbooks / Business / ALL ACCESS HRMN 5460 MATERIAL DELIVERED ON CANVAS AND CHARGED TO EBILL-NO IN STORE PURCHASE REQUIRED

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ISBN: 281000000446B

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Textbook: ALL ACCESS HRMN 5460 MATERIAL DELIVERED ON CANVAS AND CHARGED TO EBILL-NO IN STORE PURCHASE REQUIRED
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ISBN: 281000000446B

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Key Business Terms and definitions covered in this textbook
  • capital fligh

    a large and sudden reduction in the demand for assets located in a country

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • complements

    two goods for which an increase in the price of one leads to a decrease in the demand for the other

  • cost

    the value of everything a seller must give up to produce a good

  • depression

    a severe recession

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • efficiency

    the property of society getting the most it can from its scarce resources

  • efficient scale

    the quantity of output that minimizes average total cost

  • imports

    goods produced abroad and sold domestically

  • incentive

    something that induces a person to act

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • market

    a group of buyers and sellers of a particular good or service

  • nominal exchange rate

    the rate at which a person can trade the currency of one country for the currency of another

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • real interest rate

    the interest rate corrected for the effects of inflation

  • supply schedule

    a table that shows the relationship between the price of a good and the quantity supplied

  • technological knowledge

    society’s understanding of the best ways to produce goods and services