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Textbooks / Business / Economics New Ways of Thinking 1

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 1555 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
  • business cycle

    fluctuations in economic activity, such as employment and production

  • capital

    the equipment and structures used to produce goods and services

  • closed economy

    an economy that does not interact with other economies in the world

  • club goods

    goods that are excludable but not rival in consumption

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • law of supply and demand

    the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • macroeconomics

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

  • maximin criterion

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

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • real GDP

    the production of goods and services valued at constant prices

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • unemployment rate

    the percentage of the labor force that is unemployed

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