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Textbooks / Business / Economics: Today and Tomorrow 1

Economics: Today and Tomorrow 1st Edition - Solutions by Chapter

Full solutions for Economics: Today and Tomorrow | 1st Edition

ISBN: 9780078747663

Economics: Today and Tomorrow | 1st Edition - Solutions by Chapter

This expansive textbook survival guide covers the following chapters: 20. This textbook survival guide was created for the textbook: Economics: Today and Tomorrow, edition: 1. The full step-by-step solution to problem in Economics: Today and Tomorrow were answered by , our top Business solution expert on 03/13/18, 07:44PM. Economics: Today and Tomorrow was written by and is associated to the ISBN: 9780078747663. Since problems from 20 chapters in Economics: Today and Tomorrow have been answered, more than 11078 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • average fixed cost

    fixed cost divided by the quantity of output

  • budget deficit

    a shortfall of tax revenue from government spending

  • capital fligh

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

  • demand deposits

    balances in bank accounts that depositors can access on demand by writing a check

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • economics

    the study of how society manages its scarce resources

  • efficient markets hypothesis

    the theory that asset prices reflect all publicly available information about the value of an asset

  • fixed costs

    costs that do not vary with the quantity of output produced

  • in-kind transfers

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

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • lump-sum tax

    a tax that is the same amount for every person

  • 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

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • 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

  • normative statements

    claims that attempt to prescribe how the world should be

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • real interest rate

    the interest rate corrected for the effects of inflation

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • technological knowledge

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

  • total cost

    the market value of the inputs a firm uses in production