×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Already have an account? Login here
×
Reset your password

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 0 392 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 25708 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
  • automatic stabilizers

    changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action

  • average fixed cost

    fixed cost divided by the quantity of output

  • demand schedule

    a table that shows the relationship between the price of a good and the quantity demanded

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • factors of production

    the inputs used to produce goods and services

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • libertarianism

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

  • macroeconomics

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

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • open-market operations

    the purchase and sale of U.S. government bonds by the Fed

  • political economy

    the study of government using the analytic methods of economics

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • quantity theory of money

    a theory asserting that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society