×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Solutions for Chapter 9: Labor Markets

Full solutions for Contemporary Economics | 2nd Edition

ISBN: 9780538444958

Solutions for Chapter 9: Labor Markets

Solutions for Chapter 9
4 5 0 339 Reviews
27
3
Textbook: Contemporary Economics
Edition: 2
Author: William A. McEachern
ISBN: 9780538444958

Since 33 problems in chapter 9: Labor Markets have been answered, more than 5244 students have viewed full step-by-step solutions from this chapter. Contemporary Economics was written by and is associated to the ISBN: 9780538444958. Chapter 9: Labor Markets includes 33 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Contemporary Economics, edition: 2.

Key Business Terms and definitions covered in this textbook
  • currency

    the paper bills and coins in the hands of the public

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • efficiency

    the property of society getting the most it can from its scarce resources

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • macroeconomics

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

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • money

    the set of assets in an economy that people regularly use to buy goods and services from other peopl

  • mutual fund

    an institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • price elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • recession

    a period of declining real incomes and rising unemployment

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • unemployment rate

    the percentage of the labor force that is unemployed

×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
×
Reset your password