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Solutions for Chapter 7-2: Sources and Benefits of Credit

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 7-2: Sources and Benefits of Credit

Chapter 7-2: Sources and Benefits of Credit includes 10 full step-by-step solutions. 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. This textbook survival guide was created for the textbook: Personal Financial Literacy, edition: 1. Since 10 problems in chapter 7-2: Sources and Benefits of Credit have been answered, more than 4571 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • average revenue

    total revenue divided by the quantity sold

  • budget surplus

    an excess of government receipts over government spending

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • externality

    the uncompensated impact of one person’s actions on the well-being of a bystander

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • fractional-reserve banking

    a banking system in which banks hold only a fraction of deposits as reserves

  • incentive

    something that induces a person to act

  • inferior good

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

  • inflation tax

    the revenue the government raises by creating money

  • lump-sum tax

    a tax that is the same amount for every person

  • market risk

    isk that affects all companies in the stock market

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • nominal GDP

    the production of goods and services valued at current prices

  • principal

    a person for whom another person, called the agent, is performing some act

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • public goods

    goods that are neither excludable nor rival in consumption

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • signaling

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

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