- Chapter 20.1: Why has Malthuss prediction not come true everywhere?
- Chapter 20.2: What are fossil fuels? What is the disadvantage in using them for e...
- Chapter 20.3: What are the main renewable energy sources used today?
- Chapter 20.4: In what way is land a nonrenewable resource?
Solutions for Chapter Chapter 20: Global Economic Challenges
Full solutions for Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook | 1st Edition
the ability to produce a good using fewer inputs than another producer
average variable cost
variable cost divided by the quantity of output
an economy that does not interact with other economies in the world
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
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
the revenue the government raises by creating money
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
isk that affects all companies in the stock market
the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior
the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending
two goods with straight-line indifference curves
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
the limited nature of society’s resources
government policy aimed at protecting people against the risk of adverse events
a graph of the relationship between the price of a good and the quantity supplied
a worker association that bargains with employers over wages, benefits, and working conditions