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Solutions for Chapter 2: Choice in a World of Scarcity

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

Solutions for Chapter 2: Choice in a World of Scarcity

Solutions for Chapter 2
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Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

Since 27 problems in chapter 2: Choice in a World of Scarcity have been answered, more than 16110 students have viewed full step-by-step solutions from this chapter. Principles of Economics was written by and is associated to the ISBN: 9781947172364. This textbook survival guide was created for the textbook: Principles of Economics, edition: 2. Chapter 2: Choice in a World of Scarcity includes 27 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • consumer price index (CPI)

    a measure of the overall cost of the goods and services bought by a typical consumer

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • equilibrium

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

  • government purchases

    spending on goods and services by local, state, and federal governments

  • in-kind transfers

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

  • leverage ratio

    the ratio of assets to bank capital

  • macroeconomics

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

  • marginal change

    a small incremental adjustment to a plan of action

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • perfect substitutes

    two goods with straight-line indifference curves

  • price ceiling

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

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • scarcity

    the limited nature of society’s resources

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

  • 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

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

  • utility

    a measure of happiness or satisfaction

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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