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Solutions for Chapter 14: Poverty and Economic Inequality

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

Solutions for Chapter 14: Poverty and Economic Inequality

Solutions for Chapter 14
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Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

Since 47 problems in chapter 14: Poverty and Economic Inequality have been answered, more than 12596 students have viewed full step-by-step solutions from this chapter. Chapter 14: Poverty and Economic Inequality includes 47 full step-by-step solutions. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1. This expansive textbook survival guide covers the following chapters and their solutions. Principles of Economics was written by and is associated to the ISBN: 9781938168239.

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

  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • agent

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

  • 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

  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • cartel

    a group of firms acting in unison

  • catch-up effect

    the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • life cycle

    the regular pattern of income variation over a person’s life

  • liquidity

    the ease with which an asset can be converted into the economy’s medium of exchange

  • microeconomics

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

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • price ceiling

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

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • supply curve

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

  • 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

  • utility

    a measure of happiness or satisfaction

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