- 3-3.1: List strategies, other than having the right price, for selling goo...
- 3-3.2: List three types of media that sellers can use to help create deman...
- 3-3.3: List three things you can do before you shop to improve your buying...
- 3-3.4: List three things you can do while shopping to make better purchase...
- 3-3.5: List three things you can do after your purchase to make better dec...
Solutions for Chapter 3-3: Selling and Buying Strategies
Full solutions for Personal Financial Literacy | 1st Edition
the ability to produce a good using fewer inputs than another producer
average tax rate
total taxes paid divided by total income
the idea that people should pay taxes based on the benefits they receive from government services
diminishing marginal product
the property whereby the marginal product of an input declines as the quantity of the input increases
a strategy that is best for a player in a game regardless of the strategies chosen by the other players
the quantity of output that minimizes average total cost
the property of distributing economic prosperity uniformly among the members of society
the price that balances quantity supplied and quantity demanded
the quantity supplied and the quantity demanded at the equilibrium price
risk that affects only a single company
the process by which workers find appropriate jobs given their tastes and skills
the ratio of assets to bank capital
a small incremental adjustment to a plan of action
the proposition that changes in the money supply do not affect real variables
the quantity of money available in the economy
the percentage of the population whose family income falls below an absolute level called the poverty line
the quantity of goods and services produced from each unit of labor input
the production of goods and services valued at constant prices
the limited nature of society’s resources
the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society