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Economics New Ways of Thinking 1st Edition - Solutions by Chapter

Full solutions for Economics New Ways of Thinking | 1st Edition

ISBN: 9780821934012

Economics New Ways of Thinking | 1st Edition - Solutions by Chapter

Economics New Ways of Thinking was written by and is associated to the ISBN: 9780821934012. Since problems from 16 chapters in Economics New Ways of Thinking have been answered, more than 954 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 16. The full step-by-step solution to problem in Economics New Ways of Thinking were answered by , our top Business solution expert on 03/13/18, 07:39PM. This textbook survival guide was created for the textbook: Economics New Ways of Thinking, edition: 1.

Key Business Terms and definitions covered in this textbook
  • appreciation

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

  • cartel

    a group of firms acting in unison

  • club goods

    goods that are excludable but not rival in consumption

  • compounding

    the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the future

  • consumer price index (CPI)

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

  • fiat money

    money without intrinsic value that is used as money because of government decree

  • indexation

    the automatic correction by law or contract of a dollar amount for the effects of inflation

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • permanent income

    a person’s normal income

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • principal

    a person for whom another person, called the agent, is performing some act

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • profit

    total revenue minus total cost

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • utility

    a measure of happiness or satisfaction

  • value of the marginal product

    the marginal product of an input times the price of the output

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