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Textbooks / Business / Economics: Principles & Practices 1

Economics: Principles & Practices 1st Edition Solutions

Economics: Principles & Practices | 1st Edition | ISBN: 9780078204876 | Authors:  Gary E. Clayton

Do I need to buy Economics: Principles & Practices | 1st Edition to pass the class?

ISBN: 9780078204876

Economics: Principles & Practices | 1st Edition | ISBN: 9780078204876 | Authors:  Gary E. Clayton

Economics: Principles & Practices | 1st Edition - Solutions by Chapter

Do I need to buy this book?
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74% of students who have bought this book said that they did not need the hard copy to pass the class. Were they right? Add what you think:

Economics: Principles & Practices 1st Edition Student Assesment

Freeman from University of Texas at Austin said

"If I knew then what I knew now I would not have bought the book. It was over priced and My professor only used it a few times."

Textbook: Economics: Principles & Practices
Edition: 1
Author: Gary E. Clayton
ISBN: 9780078204876

Since problems from 0 chapters in Economics: Principles & Practices have been answered, more than 200 students have viewed full step-by-step answer. This textbook survival guide was created for the textbook: Economics: Principles & Practices, edition: 1. The full step-by-step solution to problem in Economics: Principles & Practices were answered by , our top Business solution expert on 01/29/18, 03:41PM. Economics: Principles & Practices was written by and is associated to the ISBN: 9780078204876. This expansive textbook survival guide covers the following chapters: 0.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • average total cost

    total cost divided by the quantity of output

  • budget surplus

    an excess of government receipts over government spending

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • labor force

    the total number of workers, including both the employed and the unemployed

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • medium of exchange

    an item that buyers give to sellers when they want to purchase goods and services

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • nominal exchange rate

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

  • perfect complements

    two goods with right-angle indifference curves

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • rational expectations

    the theory that people optimally use all the information they have, including information about government policies, when forecasting the future

  • stagflation

    a period of falling output and rising prices

  • strike

    the organized withdrawal of labor from a firm by a union

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • tariff

    tax on goods produced abroad and sold domestically

  • velocity of money

    the rate at which money changes hands