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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 553 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
  • capital fligh

    a large and sudden reduction in the demand for assets located in a country

  • cartel

    a group of firms acting in unison

  • club goods

    goods that are excludable but not rival in consumption

  • demand curve

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

  • financial markets

    financial institutions through which savers can directly provide funds to borrowers

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • medium of exchange

    an item that buyers give to sellers when they want to purchase goods and services

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • monopoly

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

  • mutual fund

    an institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • property rights

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

  • real exchange rate

    the rate at which a person can trade the goods and services of one country for the goods and services of another

  • scarcity

    the limited nature of society’s resources

  • substitutes

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

  • tariff

    tax on goods produced abroad and sold domestically

  • variable costs

    costs that vary with the quantity of output produced

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