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Textbooks / Business / Principles of Economics 2

Principles of Economics 2nd Edition - Solutions by Chapter

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Full solutions for Principles of Economics | 2nd Edition

ISBN: 9781947172364

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Principles of Economics | 2nd Edition - Solutions by Chapter

Solutions by Chapter
4 5 0 387 Reviews
Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

This textbook survival guide was created for the textbook: Principles of Economics, edition: 2. Since problems from 37 chapters in Principles of Economics have been answered, more than 13339 students have viewed full step-by-step answer. Principles of Economics was written by and is associated to the ISBN: 9781947172364. The full step-by-step solution to problem in Principles of Economics were answered by , our top Business solution expert on 03/16/18, 04:24PM. This expansive textbook survival guide covers the following chapters: 37.

Key Business Terms and definitions covered in this textbook
  • budget surplus

    an excess of tax revenue over government spending

  • cartel

    a group of firms acting in unison

  • economic profit

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

  • efficient scale

    the quantity of output that minimizes average total cost

  • equilibrium

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

  • factors of production

    the inputs used to produce goods and services

  • financial intermediaries

    financial institutions through which savers can indirectly provide funds to borrowers

  • in-kind transfers

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

  • liquidity

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

  • macroeconomics

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

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • 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

  • random walk

    the path of a variable whose changes are impossible to predict

  • real interest rate

    the interest rate corrected for the effects of inflation

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • store of value

    an item that people can use to transfer purchasing power from the present to the future

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • trade deficit

    an excess of imports over exports

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