×
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 71 : The Market for Labor

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

ISBN: 9781429218276

Solutions for Chapter Module 71 : The Market for Labor

This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276. Chapter Module 71 : The Market for Labor includes 5 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 71 : The Market for Labor have been answered, more than 10985 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • catch-up effect

    the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • explicit costs

    input costs that require an outlay of money by the firm

  • fixed costs

    costs that do not vary with the quantity of output produced

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • frictional unemployment

    unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • marginal revenue

    the change in total revenue from an additional unit sold

  • money

    the set of assets in an economy that people regularly use to buy goods and services from other peopl

  • perfect substitutes

    two goods with straight-line indifference curves

  • profit

    total revenue minus total cost

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • rational expectations

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

  • reserves

    deposits that banks have received but have not loaned out

  • structural unemployment

    unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

  • substitutes

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

×
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