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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 3949 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • competitive market

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

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • currency

    the paper bills and coins in the hands of the public

  • demand schedule

    a table that shows the relationship between the price of a good and the quantity demanded

  • federal funds rate

    the interest rate at which banks make overnight loans to one another

  • incentive

    something that induces a person to act

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • indifference curve

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

  • marginal change

    a small incremental adjustment to a plan of action

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • model of aggregate demand and aggregate supply

    the model that most economists use to explain shortrun fluctuations in economic activity around its long-run trend

  • net capital outflow

    the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners

  • normative statements

    claims that attempt to prescribe how the world should be

  • producer price index

    a measure of the cost of a basket of goods and services bought by firms

  • shoe-leather cost

    the resources wasted when inflation encourages people to reduce their money holdings

  • stagflation

    a period of falling output and rising prices

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

  • world price

    the price of a good that prevails in the world market for that good

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