Intermediate Accounting 15th Edition - Solutions by Chapter

total revenue minus total explicit cost

the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the future

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

a strategy that is best for a player in a game regardless of the strategies chosen by the other players

a good for which an increase in the price raises the quantity demanded

goods produced abroad and sold domestically

transfers to the poor given in the form of goods and services rather than cash

something that induces a person to act

the process by which workers find appropriate jobs given their tastes and skills

the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

a situation in which a market left on its own fails to allocate resources efficiently

the setting of the money supply by policymakers in the central bank

a good for which, other things being equal, an increase in income leads to an increase in demand

a person’s normal income

claims that attempt to describe the world as it is

the income that households have left after paying for taxes and consumption

the relationship between quantity of inputs used to make a good and the quantity of output of that good

a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

a worker association that bargains with employers over wages, benefits, and working conditions

the idea that taxpayers with a greater ability to pay taxes should pay larger amounts