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Solutions for Chapter 5: Banking Procedures

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 5: Banking Procedures

Solutions for Chapter 5
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Textbook: Personal Financial Literacy
Edition: 1
Author: Joan Ryan
ISBN: 9780538444521

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 5: Banking Procedures includes 24 full step-by-step solutions. This textbook survival guide was created for the textbook: Personal Financial Literacy, edition: 1. Since 24 problems in chapter 5: Banking Procedures have been answered, more than 4733 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • 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

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • crowding out

    a decrease in investment that results from government borrowing

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • explicit costs

    input costs that require an outlay of money by the firm

  • future value

    the amount of money in the future that an amount of money today will yield, given prevailing interest rates

  • game theory

    the study of how people behave in strategic situations

  • horizontal equity

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

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • normative statements

    claims that attempt to prescribe how the world should be

  • permanent income

    a person’s normal income

  • 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

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • scarcity

    the limited nature of society’s resources

  • signaling

    an action taken by an informed party to reveal private information to an uninformed party

  • unemployment rate

    the percentage of the labor force that is unemployed

  • welfare economics

    the study of how the allocation of resources affects economic well-being

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