- 2.1: What are the three types of economic systems?
- 2.2: What are features of a traditional economy?
- 2.3: What role does the government play in a command economy?
- 2.4: What are the advantages and disadvantages of a command economy?
- 2.5: What are the features of a market economy?
- 2.6: What are the advantages and disadvantages of a market economy?
- 2.7: What are the features of a mixed economy?
- 2.8: What trends are shaping modern economies?
- 2.9: Look at the chart below showing statistics for four nations. Answer...
- 2.10: Look at the chart below showing statistics for four nations. Answer...
- 2.11: Creating Charts Create a chart showing a continuum of countries wit...
- 2.12: Synthesizing Economic Data Look again at Figure 2.8 on page 66. Why...
- 2.13: Evaluating Economic Decisions Using information in Figure 2.8, eval...
- 2.14: Explaining an Economic Concept In most of the former command econom...
- 2.15: Challenge Write a brief essay explaining how a countrys political s...
Solutions for Chapter 2: Economic Systems
Full solutions for Economics: Concepts and Choices: Student Edition 2008 | 1st Edition
total revenue divided by the quantity sold
average total cost
total cost divided by the quantity of output
average variable cost
variable cost divided by the quantity of output
efficient markets hypothesis
the theory that asset prices reflect all publicly available information about the value of an asset
a good for which, other things being equal, an increase in income leads to a decrease in demand
the increase in total cost that arises from an extra unit of production
the costs of changing prices
an institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds
a good for which, other things being equal, an increase in income leads to an increase in demand
claims that attempt to prescribe how the world should be
the purchase and sale of U.S. government bonds by the Fed
whatever must be given up to obtain some item
a person for whom another person, called the agent, is performing some act
the amount of a good that buyers are willing and able to purchase
the amount of a good that sellers are willing and able to sell
the resources wasted when inflation encourages people to reduce their money holdings
a situation in which quantity demanded is greater than quantity supplied
an action taken by an informed party to reveal private information to an uninformed party
the costs that parties incur in the process of agreeing to and following through on a bargain
a worker association that bargains with employers over wages, benefits, and working conditions