Solutions for Chapter 3: Making Economic Decisions

Full solutions for Explorations in Economics | 1st Edition

ISBN: 9780716701071

Solutions for Chapter 3: Making Economic Decisions

Chapter 3: Making Economic Decisions includes 10 full step-by-step solutions. Since 10 problems in chapter 3: Making Economic Decisions have been answered, more than 927 students have viewed full step-by-step solutions from this chapter. Explorations in Economics was written by and is associated to the ISBN: 9780716701071. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Explorations in Economics, edition: 1.

Key Business Terms and definitions covered in this textbook
  • business cycle

    fluctuations in economic activity, such as employment and production

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • indifference curve

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

  • labor-force participation rate

    the percentage of the adult population that is in the labor force

  • life cycle

    the regular pattern of income variation over a person’s life

  • lump-sum tax

    a tax that is the same amount for every person

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • market risk

    isk that affects all companies in the stock market

  • medium of exchange

    an item that buyers give to sellers when they want to purchase goods and services

  • 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

  • monetary neutrality

    the proposition that changes in the money supply do not affect real variables

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • price floor

    a legal minimum on the price at which a good can be sold

  • property rights

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

  • random walk

    the path of a variable whose changes are impossible to predict

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • tariff

    tax on goods produced abroad and sold domestically

  • welfare

    government programs that supplement the incomes of the needy

×
Log in to StudySoup
Get Full Access to Thousands of Study Materials at Your School

Forgot password? Reset password here

Join StudySoup for FREE
Get Full Access to Thousands of Study Materials at Your School
Join with Email
Already have an account? Login here
Reset your password

I don't want to reset my password

Need help? Contact support

Need an Account? Is not associated with an account
Sign up
We're here to help

Having trouble accessing your account? Let us help you, contact support at +1(510) 944-1054 or support@studysoup.com

Got it, thanks!
Password Reset Request Sent An email has been sent to the email address associated to your account. Follow the link in the email to reset your password. If you're having trouble finding our email please check your spam folder
Got it, thanks!
Already have an Account? Is already in use
Log in
Incorrect Password The password used to log in with this account is incorrect
Try Again

Forgot password? Reset it here