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Solutions for Chapter 8.3: Credit Tips

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 8.3: Credit Tips

This expansive textbook survival guide covers the following chapters and their solutions. Chapter 8.3: Credit Tips includes 7 full step-by-step solutions. This textbook survival guide was created for the textbook: Personal Financial Literacy, edition: 1. Since 7 problems in chapter 8.3: Credit Tips have been answered, more than 10782 students have viewed full step-by-step solutions from this chapter. Personal Financial Literacy was written by and is associated to the ISBN: 9780538444521.

Key Business Terms and definitions covered in this textbook
  • classical dichotomy

    the theoretical separation of nominal and real variables

  • club goods

    goods that are excludable but not rival in consumption

  • demand deposits

    balances in bank accounts that depositors can access on demand by writing a check

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • economics

    the study of how society manages its scarce resources

  • excludability

    the property of a good whereby a person can be prevented from using it

  • fiscal policy

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

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • libertarianism

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

  • marginal change

    a small incremental adjustment to a plan of action

  • 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

  • microeconomics

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

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • perfect complements

    two goods with right-angle indifference curves

  • principal

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

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

  • world price

    the price of a good that prevails in the world market for that good