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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 1726 students have viewed full step-by-step solutions from this chapter. Personal Financial Literacy was written by Patricia and is associated to the ISBN: 9780538444521.

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

  • absolute advantage

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

  • agent

    a person who is performing an act for another person, called the principal

  • aggregate-supply curve

    a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • business cycle

    fluctuations in economic activity, such as employment and production

  • club goods

    goods that are excludable but not rival in consumption

  • commodity money

    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

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • economic profit

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

  • equilibrium

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

  • marginal product

    the increase in output that arises from an additional unit of input

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • opportunity cost

    whatever must be given up to obtain some item

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • scarcity

    the limited nature of society’s resources

  • shoe-leather cost

    the resources wasted when inflation encourages people to reduce their money holdings

  • substitutes

    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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