> > Economics: Concepts and Choices: Student Edition 2008 1

Economics: Concepts and Choices: Student Edition 2008 1st Edition - Solutions by Chapter

Economics: Concepts and Choices: Student Edition 2008 | 1st Edition | ISBN: 9780618594030 | Authors: MCDOUGAL LITTEL

Full solutions for Economics: Concepts and Choices: Student Edition 2008 | 1st Edition

ISBN: 9780618594030

Economics: Concepts and Choices: Student Edition 2008 | 1st Edition | ISBN: 9780618594030 | Authors: MCDOUGAL LITTEL

Economics: Concepts and Choices: Student Edition 2008 | 1st Edition - Solutions by Chapter

Since problems from 22 chapters in Economics: Concepts and Choices: Student Edition 2008 have been answered, more than 2101 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 22. The full step-by-step solution to problem in Economics: Concepts and Choices: Student Edition 2008 were answered by Patricia, our top Business solution expert on 03/05/18, 09:06PM. Economics: Concepts and Choices: Student Edition 2008 was written by Patricia and is associated to the ISBN: 9780618594030. This textbook survival guide was created for the textbook: Economics: Concepts and Choices: Student Edition 2008, edition: 1.

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

  • automatic stabilizers

    changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • consumer price index (CPI)

    a measure of the overall cost of the goods and services bought by a typical consumer

  • cost

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

  • crowding-out effect

    the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending

  • depreciation

    a decrease in the value of a currency as measured by the amount of foreign currency it can buy

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • internalizing the externality

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

  • labor force

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

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • natural level of output

    the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

  • permanent income

    a person’s normal income

  • private goods

    goods that are both excludable and rival in consumption

  • quantity equation

    the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services

  • variable costs

    costs that vary with the quantity of output produced

  • welfare

    government programs that supplement the incomes of the needy

  • willingness to pay

    the maximum amount that a buyer will pay for a good

×
Log in to StudySoup
Get Full Access to Thousands of Study Materials at Your School

Forgot password? Reset password here

Join StudySoup for FREE
Get Full Access to Thousands of Study Materials at Your School
Join with Email
Already have an account? Login here
Reset your password

I don't want to reset my password

Need help? Contact support

Need an Account? Is not associated with an account
Sign up
We're here to help

Having trouble accessing your account? Let us help you, contact support at +1(510) 944-1054 or support@studysoup.com

Got it, thanks!
Password Reset Request Sent An email has been sent to the email address associated to your account. Follow the link in the email to reset your password. If you're having trouble finding our email please check your spam folder
Got it, thanks!
Already have an Account? Is already in use
Log in
Incorrect Password The password used to log in with this account is incorrect
Try Again

Forgot password? Reset it here