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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 573 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
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • budget deficit

    an excess of government spending over government receipts

  • business cycle

    fluctuations in economic activity, such as employment and production

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • constant returns to scale

    The property whereby long-run average total cost stays the same as the quantity of output changes

  • exports

    goods produced domestically and sold abroad

  • fiat money

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

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • marginal revenue

    the change in total revenue from an additional unit sold

  • profit

    total revenue minus total cost

  • public goods

    goods that are neither excludable nor rival in consumption

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • substitutes

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

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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