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Solutions for Chapter Module 17: Aggregate Demand: Introduction and Determinants

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

ISBN: 9781464122187

Solutions for Chapter Module 17: Aggregate Demand: Introduction and Determinants

This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Chapter Module 17: Aggregate Demand: Introduction and Determinants includes 5 full step-by-step solutions. Since 5 problems in chapter Module 17: Aggregate Demand: Introduction and Determinants have been answered, more than 10950 students have viewed full step-by-step solutions from this chapter. 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
  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • bond

    a certificate of indebtedness

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • common resources

    goods that are rival in consumption but not excludable

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • marginal change

    a small incremental adjustment to a plan of action

  • market failure

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

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • maximin criterion

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

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • positive statements

    claims that attempt to describe the world as it is

  • price elasticity of demand

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

  • private goods

    goods that are both excludable and rival in consumption

  • risk aversion

    a dislike of uncertainty

  • total cost

    the market value of the inputs a firm uses in production

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

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