×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
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 0 278 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 9316 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
  • commodity money

    money that takes the form of a commodity with intrinsic value

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • economic profit

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

  • explicit costs

    input costs that require an outlay of money by the firm

  • free rider

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

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • imports

    goods produced abroad and sold domestically

  • 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 rate of unemployment

    the normal rate of unemployment around which the unemployment rate fluctuates

  • nominal GDP

    the production of goods and services valued at current prices

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • open-market operations

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

  • price elasticity of supply

    a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

  • principal

    a person for whom another person, called the agent, is performing some act

  • production function

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

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • rivalry in consumption

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

  • strike

    the organized withdrawal of labor from a firm by a union

  • world price

    the price of a good that prevails in the world market for that good

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