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Solutions for Chapter Chapter 20: Global Economic Challenges

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

ISBN: 9780078650406

Solutions for Chapter Chapter 20: Global Economic Challenges

Solutions for Chapter Chapter 20
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Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook was written by and is associated to the ISBN: 9780078650406. Since 4 problems in chapter Chapter 20: Global Economic Challenges have been answered, more than 1242 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter Chapter 20: Global Economic Challenges includes 4 full step-by-step solutions. This textbook survival guide was created for the textbook: Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook, edition: 1.

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

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

  • average variable cost

    variable cost divided by the quantity of output

  • closed economy

    an economy that does not interact with other economies in the world

  • competitive market

    a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

  • constant returns to scale

    the property whereby long-run average total cost stays the same as the quantity of output changes

  • corrective tax

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

  • factors of production

    the inputs used to produce goods and services

  • inflation tax

    the revenue the government raises by creating money

  • macroeconomics

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

  • market for loanable funds

    the market in which those who want to save supply funds and those who want to borrow to invest demand funds

  • market risk

    isk that affects all companies in the stock market

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • multiplier effect

    the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending

  • perfect substitutes

    two goods with straight-line indifference curves

  • property rights

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

  • real interest rate

    the interest rate corrected for the effects of inflation

  • scarcity

    the limited nature of society’s resources

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • supply curve

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

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

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