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Textbooks / Business / 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 7601 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 , our top Business solution expert on 03/05/18, 09:06PM. Economics: Concepts and Choices: Student Edition 2008 was written by 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
  • average tax rate

    total taxes paid divided by total income

  • currency

    the paper bills and coins in the hands of the public

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • efficient scale

    the quantity of output that minimizes average total cost

  • excludability

    the property of a good whereby a person can be prevented from using it

  • factors of production

    the inputs used to produce goods and services

  • federal funds rate

    the interest rate at which banks make overnight loans to one another

  • fundamental analysis

    the study of a company’s accounting statements and future prospects to determine its value

  • game theory

    the study of how people behave in strategic situations

  • Giffen good

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

  • inflation tax

    the revenue the government raises by creating money

  • market for loanable funds

    the market in which those who want to save supply funds and those who want to borrow to invest demand funds

  • medium of exchange

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

  • nominal GDP

    the production of goods and services valued at current prices

  • open economy

    an economy that interacts freely with other economies around the world

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society