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Solutions for Chapter 3: Characteristics of Free Enterprise

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

ISBN: 9780821934012

Solutions for Chapter 3: Characteristics of Free Enterprise

Chapter 3: Characteristics of Free Enterprise includes 11 full step-by-step solutions. Economics New Ways of Thinking was written by and is associated to the ISBN: 9780821934012. This textbook survival guide was created for the textbook: Economics New Ways of Thinking, edition: 1. Since 11 problems in chapter 3: Characteristics of Free Enterprise have been answered, more than 1765 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • central bank

    an institution designed to oversee the banking system and regulate the quantity of money in the economy

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • currency

    the paper bills and coins in the hands of the public

  • demand schedule

    a table that shows 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

  • economies of scale

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

  • efficiency

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

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • game theory

    the study of how people behave in strategic situations

  • imports

    goods produced abroad and sold domestically

  • inflation rate

    the percentage change in the price index from the preceding period

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • maximin criterion

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

  • maximin criterion

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

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • 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

  • real variables

    variables measured in physical units

  • world price

    the price of a good that prevails in the world market for that good

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