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> > Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook 1

Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook 1st Edition - Solutions by Chapter

Full solutions for Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook | 1st Edition

ISBN: 9780078650406

Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook | 1st Edition - Solutions by Chapter

This textbook survival guide was created for the textbook: Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook, edition: 1. Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook was written by and is associated to the ISBN: 9780078650406. The full step-by-step solution to problem in Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook were answered by , our top Business solution expert on 03/13/18, 07:42PM. Since problems from 20 chapters in Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook have been answered, more than 407 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 20.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

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

  • budget surplus

    an excess of tax revenue over government spending

  • 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

  • economies of scale

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

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • fixed costs

    costs that do not vary with the quantity of output produced

  • future value

    the amount of money in the future that an amount of money today will yield, given prevailing interest rates

  • implicit costs

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

  • life cycle

    the regular pattern of income variation over a person’s life

  • model of aggregate demand and aggregate supply

    the model that most economists use to explain shortrun fluctuations in economic activity around its long-run trend

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • nominal variables

    variables measured in monetary units

  • oligopoly

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

  • permanent income

    a person’s normal income

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • price elasticity of supply

    a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • tariff

    tax on goods produced abroad and sold domestically

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