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Textbooks / Business / Explorations in Economics 1

Explorations in Economics 1st Edition - Solutions by Chapter

Full solutions for Explorations in Economics | 1st Edition

ISBN: 9780716701071

Explorations in Economics | 1st Edition - Solutions by Chapter

Since problems from 19 chapters in Explorations in Economics have been answered, more than 2431 students have viewed full step-by-step answer. This textbook survival guide was created for the textbook: Explorations in Economics, edition: 1. This expansive textbook survival guide covers the following chapters: 19. Explorations in Economics was written by and is associated to the ISBN: 9780716701071. The full step-by-step solution to problem in Explorations in Economics were answered by , our top Business solution expert on 03/14/18, 04:58PM.

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

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

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • economics

    the study of how society manages its scarce resources

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • financial intermediaries

    financial institutions through which savers can indirectly provide funds to borrowers

  • Fisher effect

    the one-for-one adjustment of the nominal interest rate to the inflation rate

  • GDP deflator

    a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100

  • in-kind transfers

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

  • menu costs

    the costs of changing prices

  • monetary policy

    the setting of the money supply by policymakers in the central bank

  • normal good

    a good for which, other things being equal, an increase in

  • perfect substitutes

    two goods with straight-line indifference curves

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • rational expectations

    the theory that people optimally use all the information they have, including information about government policies, when forecasting the future

  • value of the marginal product

    the marginal product of an input times the price of the output

  • value of the marginal product

    the marginal product of an input times the price of the output

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

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