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Solutions for Chapter Module 70 : The Markets for Land and Capital

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

ISBN: 9781464122187

Solutions for Chapter Module 70 : The Markets for Land and Capital

This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Chapter Module 70 : The Markets for Land and Capital includes 5 full step-by-step solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 70 : The Markets for Land and Capital have been answered, more than 8292 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • bank capital

    the resources a bank’s owners have put into the institution

  • capital

    the equipment and structures used to produce goods and services

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • discrimination

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

  • fiat money

    money without intrinsic value that is used as money because of government decree

  • fixed costs

    costs that do not vary with the quantity of output produced

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • internalizing the externality

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

  • leverage

    the use of borrowed money to supplement existing funds for purposes of investment

  • marginal rate of substitution

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

  • marginal revenue

    the change in total revenue from an additional unit sold

  • monopoly

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

  • perfect complements

    two goods with right-angle indifference curves

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • strike

    the organized withdrawal of labor from a firm by a union

  • tariff

    tax on goods produced abroad and sold domestically

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • unemployment rate

    the percentage of the labor force that is unemployed

  • utilitarianism

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

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