Fundamentals of Economics: A Property Rights Approach |
Common terms and phrases
additional allocation of resources alternative amount analysis behavior bundle bundle of rights bureau capital Chapter Coke community's consequences consumers contract cost of producing decision demand for wheat demand schedule discussion earnings economic effect efficient employment equilibrium exchange opportunities extent of exchange farmer firm's food stamp program freedom of contract Gosplan higher price highest-valued incentives increase inflation innovation inputs investment labor unions law of demand less lower price manager marginal cost marginal productivity marginal revenue market-clearing negotiating nonpecuniary open market opportunity costs output-mix owner percent person pizza planned economy preferences price competition price of wheat price-searcher price-takers private property production frontier productivity of labor profit profit-maximizing property rights quantity demanded rancher reduce right of ownership satisfaction seek self-interest sell seller shareholders shift Soviet supply schedule Table ticket total cost unions unit of output units of wheat wage rate workers