- 8.3.1: Explain why using credit may tie up future income
- 8.3.2: Explain how your credit history relates to the interest rate you ma...
- 8.3.3: Why should you consider the economy when planning credit purchases?
- 8.3.4: List the terms typically included in a credit offer.
- 8.3.5: Why is it important for you to be able to cancel a credit card when...
- 8.3.6: List three ways you can reduce or avoid credit costs.
- 8.3.7: Describe one unethical loan practice.
Solutions for Chapter 8.3: Credit Tips
Full solutions for Personal Financial Literacy | 1st Edition
the idea that taxes should be levied on a person according to how well that person can shoulder the burden
the ability to produce a good using fewer inputs than another producer
a person who is performing an act for another person, called the principal
a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level
the limit on the consumption bundles that a consumer can afford
fluctuations in economic activity, such as employment and production
goods that are excludable but not rival in consumption
money that takes the form of a commodity with intrinsic value
constant returns to scale
the property whereby long-run average total cost stays the same as the quantity of output changes
a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality
a study that compares the costs and benefits to society of providing a public good
total revenue minus total cost, including both explicit and implicit costs
a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
the increase in output that arises from an additional unit of input
a market structure in which many firms sell products that are similar but not identical
whatever must be given up to obtain some item
the ability of an individual to own and exercise control over scarce resources
the limited nature of society’s resources
the resources wasted when inflation encourages people to reduce their money holdings
two goods for which an increase in the price of one leads to an increase in the demand for the other
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