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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 3180 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
  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • demand curve

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

  • demand deposits

    balances in bank accounts that depositors can access on demand by writing a check

  • diseconomies of scal

    the property whereby long-run average total cost rises as the quantity of output increases

  • 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

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • frictional unemployment

    unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills

  • implicit costs

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

  • marginal revenue

    the change in total revenue from an additional unit sold

  • market failure

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

  • 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

  • nominal GDP

    the production of goods and services valued at current prices

  • normal good

    a good for which, other things being equal, an increase in

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • price ceiling

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

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • welfare

    government programs that supplement the incomes of the needy