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Solutions for Chapter 4: The Market Forces of Supply and Demand

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Full solutions for Principles of Economics | 6th Edition

ISBN: 9780538453059

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Solutions for Chapter 4: The Market Forces of Supply and Demand

Solutions for Chapter 4
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Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

Chapter 4: The Market Forces of Supply and Demand includes 23 full step-by-step solutions. Since 23 problems in chapter 4: The Market Forces of Supply and Demand have been answered, more than 17695 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Principles of Economics, edition: 6. Principles of Economics was written by and is associated to the ISBN: 9780538453059. This expansive textbook survival guide covers the following chapters and their solutions.

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

    an excess of government receipts over government spending

  • business cycle

    fluctuations in economic activity, such as employment and production

  • capital requirement

    a government regulation specifying a minimum amount of bank capital

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • demand curve

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

  • demand schedule

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

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • efficiency

    the property of society getting the most it can from its scarce resources

  • factors of production

    the inputs used to produce goods and services

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • marginal product of labor

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

  • natural resources

    the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits

  • nominal GDP

    the production of goods and services valued at current prices

  • opportunity cost

    whatever must be given up to obtain some item

  • private goods

    goods that are both excludable and rival in consumption

  • public saving

    the tax revenue that the government has left after paying for its spending

  • risk aversion

    a dislike of uncertainty

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

  • trade policy

    a government policy that directly influences the quantity of goods and services that a country imports or exports

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

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