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Microeconomics, 17th Canadian Edition, By Christopher Ragan
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Microeconomics, 17th Canadian Edition, By Christopher Ragan
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Microeconomics, 17th Canadian Edition, By Christopher Ragan
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Solution Manual For Microeconomics, 17th Canadian Edition,By Christopher Ragan
factors of production - ANSWER: resources used to produce goods and services;
land, labor, capital
goods - ANSWER: tangible products
services - ANSWER: intangible products
consumption - ANSWER: the act of using goods or services
production - ANSWER: the cat of making goods or services
consumption - ANSWER: the act of using goods or services to satisfy wants
opportunity cost - ANSWER: the value of the next best alternative that is forgone
when one alternative is chosen
production possibilities boundary - ANSWER: a curve showing which alternative
combinations of output can be attained is all available resources are used efficiently;
it is the boundary between attainable and unattainable output combinations
resource allocation - ANSWER: the allocation of an economy's scarce resources
among alternative uses
specialization of labor - ANSWER: the specialization of individual workers in the
production of particular goods or services
division of labor - ANSWER: the breaking up of a production process into a series of
specialized tasks, each done by a different worker
traditional economy - ANSWER: an economy in which behaviour is based mostly on
tradition
command economy - ANSWER: an economy in which most economic decisions are
made by a central planning authority
free-market economy - ANSWER: an economy in which most economic decisions are
made by private households and firms
mixed economy - ANSWER: an economy in which some economic decisions are made
by firms and households and some by the government
, normative statement - ANSWER: a statement about what ought to be; value
judgement
positive statement - ANSWER: a statement about what actually is, was, or will be;
NOT a value judgement
endogenous variable - ANSWER: a variable that is explained within a theory; induced
variable; dependent variable
exogenous variable - ANSWER: a variable that is determined outside the theory;
autonomous variable; independent variable
index number - ANSWER: a measure of some variable, conventionally expressed
relative to a base period, which is assigned the number 100
quantity demanded - ANSWER: the amount of a good or service that consumers
want to purchase during some period
demand schedule - ANSWER: a table showing the relationship between quantity
demanded and the price of a commodity
demand curve - ANSWER: the graphical representation of the relationship between
quantity demanded and the price of a commodity
demand - ANSWER: the entire relationship between the quantity of a commodity
that buyers want to purchase and the price of that commodity
substitution in consumption - ANSWER: goods that can be used in place of another
good to satisfy similar needs or desires
complements in consumption - ANSWER: goods that can be consumed together
quantity supplied - ANSWER: the amount of a commodity that producers want to sell
over some period
supply schedule - ANSWER: a table showing the relationship between quantity
supplied and the price of a commodity
supply curve - ANSWER: the graphical representation of the relationship between
quantity supplied and the price of a commodity
supply - ANSWER: the entire relationship between the quantity of some commodity
that producers wish to sell and the price of the commodity
market - ANSWER: any situation in which buyers and sellers can negotiate the
exchange of goods or services
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