Economics, Private and Public Choice |
Contents
Chapter | 6 |
Some Tools of the Economist | 14 |
Opportunity Cost Is the Highest Valued Opportunity Lost22 | 20 |
Copyright | |
76 other sections not shown
Common terms and phrases
action additional aggregate demand allocated alternative amount automobiles average banks benefits billion breadfruit budget capital cause competitive consumers consumption decision-makers decline deficit demand curve developed dollars earnings economic economists effect efficiency elastic employees equilibrium example exchange Exhibit expand expansionary factors federal firm's firms fiscal policy foreign full employment future gain government expenditures growth higher illustrates impact important incentive income tax increase indifference curve individuals industry interest rate investment isoquant Keynesian labor force legislation less long-run macropolicy major marginal cost marginal tax rates monetarists monetary policy money supply monopolist monopolistic competition monopoly oligopolistic opportunity cost payments percent percentage period persons Phillips curve political entrepreneurs production profits public sector purchase rate of inflation rate of unemployment real GNP reduce relative reserves result revenues rise short run social spending theory trade union United utility voters wage rate workers