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Solutions for Chapter 2: Income Sources

Personal Financial Literacy | 1st Edition | ISBN: 9780538444521 | Authors: Joan Ryan

Full solutions for Personal Financial Literacy | 1st Edition

ISBN: 9780538444521

Personal Financial Literacy | 1st Edition | ISBN: 9780538444521 | Authors: Joan Ryan

Solutions for Chapter 2: Income Sources

This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Personal Financial Literacy, edition: 1. Since 17 problems in chapter 2: Income Sources have been answered, more than 4626 students have viewed full step-by-step solutions from this chapter. Chapter 2: Income Sources includes 17 full step-by-step solutions. Personal Financial Literacy was written by and is associated to the ISBN: 9780538444521.

Key Business Terms and definitions covered in this textbook
  • agent

    a person who is performing an act for another person, called the principal

  • balanced trade

    a situation in which exports equal imports

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • 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

  • competitive market

    a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

  • depreciation

    a decrease in the value of a currency as measured by the amount of foreign currency it can buy

  • discouraged workers

    individuals who would like to work but have given up looking for a job

  • factors of production

    the inputs used to produce goods and services

  • free rider

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

  • inflation rate

    the percentage change in the price index from the preceding period

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • internalizing the externality

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

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • marginal rate of substitution

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

  • normal good

    a good for which, other things being equal, an increase in

  • physical capital

    the stock of equipment and structures that are used to produce goods and services

  • quantity equation

    the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services

  • quantity supplied

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

  • reserve ratio

    the fraction of deposits that banks hold as reserves

  • 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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