×
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 16: Income and Expenditure

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

ISBN: 9781464122187

Solutions for Chapter Module 16: Income and Expenditure

Since 5 problems in chapter Module 16: Income and Expenditure have been answered, more than 8254 students have viewed full step-by-step solutions from this chapter. Chapter Module 16: Income and Expenditure includes 5 full step-by-step solutions. 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
  • average revenue

    total revenue divided by the quantity sold

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • constant returns to scale

    The property whereby long-run average total cost stays the same as the quantity of output changes

  • consumer surplus

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

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • externality

    the uncompensated impact of one person’s actions on the well-being of a bystander

  • incentive

    something that induces a person to act

  • 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

  • leverage ratio

    the ratio of assets to bank capital

  • marginal change

    a small incremental adjustment to a plan of action

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • marginal rate of substitution

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

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • money supply

    the quantity of money available in the economy

  • price ceiling

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

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • shoe-leather cost

    the resources wasted when inflation encourages people to reduce their money holdings

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

  • value of the marginal product

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

×
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