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Solutions for Chapter 4-3: Personal Financial Planning

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 4-3: Personal Financial Planning

Since 9 problems in chapter 4-3: Personal Financial Planning have been answered, more than 4741 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Personal Financial Literacy, edition: 1. Personal Financial Literacy was written by and is associated to the ISBN: 9780538444521. This expansive textbook survival guide covers the following chapters and their solutions. Chapter 4-3: Personal Financial Planning includes 9 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • accounting profit

    total revenue minus total explicit cost

  • balanced trade

    a situation in which exports equal imports

  • competitive market

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

  • crowding-out effect

    the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • 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

  • inflation

    an increase in the overall level of prices in the economy

  • job search

    the process by which workers find appropriate jobs given their tastes and skills

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • market failure

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

  • menu costs

    the costs of changing prices

  • national saving

    the total income in the economy that remains after paying for consumption and government purchases

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • normative statements

    claims that attempt to prescribe how the world should be

  • political economy

    the study of government using the analytic methods of economics

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • price elasticity of supply

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

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

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