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Solutions for Chapter Section 1: Basic Economic Concepts

Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition

ISBN: 9781464122187

Solutions for Chapter Section 1: Basic Economic Concepts

Chapter Section 1: Basic Economic Concepts includes 15 full step-by-step solutions. Since 15 problems in chapter Section 1: Basic Economic Concepts have been answered, more than 10952 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. This expansive textbook survival guide covers the following chapters and their solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187.

Key Business Terms and definitions covered in this textbook
  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • central bank

    an institution designed to oversee the banking system and regulate the quantity of money in the economy

  • complements

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

  • consumer surplus

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

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • efficiency

    the property of society getting the most it can from its scarce resources

  • efficient markets hypothesis

    the theory that asset prices reflect all publicly available information about the value of an asset

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • nominal exchange rate

    the rate at which a person can trade the currency of one country for the currency of another

  • normative statements

    claims that attempt to prescribe how the world should be

  • permanent income

    a person’s normal income

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • public goods

    goods that are neither excludable nor rival in consumption

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • real variables

    variables measured in physical units

  • scarcity

    the limited nature of society’s resources

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • supply schedule

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

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