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Solutions for Chapter 1: Ten Principles of Economics

Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw

Full solutions for Principles of Microeconomics | 7th Edition

ISBN: 9781285165905

Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw

Solutions for Chapter 1: Ten Principles of Economics

This textbook survival guide was created for the textbook: Principles of Microeconomics, edition: 7. This expansive textbook survival guide covers the following chapters and their solutions. Since 12 problems in chapter 1: Ten Principles of Economics have been answered, more than 23850 students have viewed full step-by-step solutions from this chapter. Principles of Microeconomics was written by and is associated to the ISBN: 9781285165905. Chapter 1: Ten Principles of Economics includes 12 full step-by-step solutions.

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

    a shortfall of tax revenue from government spending

  • capital

    the equipment and structures used to produce goods and services

  • discrimination

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

  • diversification

    the reduction of risk achieved by replacing a single risk with a large number of smaller, unrelated risks

  • gross domestic product (GDP)

    the market value of all final goods and services produced within a country in a given period of time

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • indexation

    the automatic correction by law or contract of a dollar amount for the effects of inflation

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • liquidity

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

  • market

    a group of buyers and sellers of a particular good or service

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • microeconomics

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

  • money

    the set of assets in an economy that people regularly use to buy goods and services from other peopl

  • money supply

    the quantity of money available in the economy

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • signaling

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

  • total cost

    the market value of the inputs a firm uses in production

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