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Textbooks / Business / Principles of Economics 1

Principles of Economics 1st Edition - Solutions by Chapter

Principles of Economics | 1st Edition | ISBN: 9781938168239 | Authors: Steven A. Greenlaw, Timothy Taylor

Full solutions for Principles of Economics | 1st Edition

ISBN: 9781938168239

Principles of Economics | 1st Edition | ISBN: 9781938168239 | Authors: Steven A. Greenlaw, Timothy Taylor

Principles of Economics | 1st Edition - Solutions by Chapter

Solutions by Chapter
4 5 0 383 Reviews
Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

Since problems from 36 chapters in Principles of Economics have been answered, more than 11771 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 36. The full step-by-step solution to problem in Principles of Economics were answered by , our top Business solution expert on 03/16/18, 04:22PM. Principles of Economics was written by and is associated to the ISBN: 9781938168239. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

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

  • budget surplus

    an excess of government receipts over government spending

  • consumption

    spending by households on goods and services, with the exception of purchases of new housing

  • demand curve

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

  • depreciation

    a decrease in the value of a currency as measured by the amount of foreign currency it can buy

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • efficient scale

    the quantity of output that minimizes average total cost

  • inflation

    an increase in the overall level of prices in the economy

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • job search

    the process by which workers find appropriate jobs given their tastes and skills

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • nominal exchange rate

    the rate at which a person can trade the currency of one country for the currency of another

  • normal good

    a good for which, other things being equal, an increase in

  • positive statements

    claims that attempt to describe the world as it is

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • trade deficit

    an excess of imports over exports

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

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