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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 1495 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
  • accounting profit

    total revenue minus total explicit cost

  • capital requirement

    a government regulation specifying a minimum amount of bank capital

  • central bank

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

  • circular-flow diagram

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

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • efficiency

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

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • financial intermediaries

    financial institutions through which savers can indirectly provide funds to borrowers

  • financial system

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

  • income effect

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

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • poverty rate

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

  • profit

    total revenue minus total cost

  • public saving

    the tax revenue that the government has left after paying for its spending

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • tariff

    tax on goods produced abroad and sold domestically