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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 3069 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • average variable cost

    variable cost divided by the quantity of output

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • income effect

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

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • marginal revenue

    the change in total revenue from an additional unit sold

  • market

    a group of buyers and sellers of a particular good or service

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • perfect substitutes

    two goods with straight-line indifference curves

  • property rights

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

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • reserve requirements

    regulations on the minimum amount of reserves that banks must hold against deposits

  • total cost

    the market value of the inputs a firm uses in production

  • trade policy

    a government policy that directly influences the quantity of goods and services that a country imports or exports

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

  • velocity of money

    the rate at which money changes hands

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