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Textbooks / Business / 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 850 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
  • agent

    a person who is performing an act for another person, called the principal

  • agent

    a person who is performing an act for another person, called the principal

  • average fixed cost

    fixed cost divided by the quantity of output

  • business cycle

    fluctuations in economic activity, such as employment and production

  • crowding out

    a decrease in investment that results from government borrowing

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • diseconomies of scale

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

  • fractional-reserve banking

    a banking system in which banks hold only a fraction of deposits as reserves

  • game theory

    the study of how people behave in strategic situations

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • profit

    total revenue minus total cost

  • scarcity

    the limited nature of society’s resources

  • structural unemployment

    unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

  • technological knowledge

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

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

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