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Textbooks / Business / ALL ACCESS SCMN 3710 MATERIAL DELIVERED ON CANVAS AND CHARGED TO EBILL-NO IN STORE PURCHASE REQUIRED

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ISBN: 281000000538B

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Textbook: ALL ACCESS SCMN 3710 MATERIAL DELIVERED ON CANVAS AND CHARGED TO EBILL-NO IN STORE PURCHASE REQUIRED
Edition:
Author: AUBURN
ISBN: 281000000538B

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Key Business Terms and definitions covered in this textbook
  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • club goods

    goods that are excludable but not rival in consumption

  • collusion

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

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • currency

    the paper bills and coins in the hands of the public

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • Giffen good

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

  • inferior good

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

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • natural resources

    the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits

  • perfect substitutes

    two goods with straight-line indifference curves

  • principal

    a person for whom another person, called the agent, is performing some act

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • 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

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • regressive tax

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

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • variable costs

    costs that vary with the quantity of output produced

  • variable costs

    costs that vary with the quantity of output produced