×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Solutions for Chapter Module 1: The Study of Economics

Full solutions for Krugman's Economics for AP* | 2nd Edition

ISBN: 9781429218276

Solutions for Chapter Module 1: The Study of Economics

Chapter Module 1: The Study of Economics includes 5 full step-by-step solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2. Since 5 problems in chapter Module 1: The Study of Economics have been answered, more than 10882 students have viewed full step-by-step solutions from this chapter. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • complements

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

  • cross-price elasticity of demand

    a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good

  • discrimination

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

  • dominant strategy

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

  • explicit costs

    input costs that require an outlay of money by the firm

  • fundamental analysis

    the study of a company’s accounting statements and future prospects to determine its value

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • law of supply and demand

    the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

  • law of supply and demand

    the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

  • liquidity

    the ease with which an asset can be converted into the economy’s medium of exchange

  • 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 failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • 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

  • open economy

    an economy that interacts freely with other economies around the world

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • public goods

    goods that are neither excludable nor rival in consumption

  • strike

    the organized withdrawal of labor from a firm by a union

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
×
Reset your password