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ability-to-pay principle the idea that taxes should be levied on a person according to how well that person can shoulder the burden
absolute advantage the ability to
produce a good using fewer inputs than another producer
accounting profit total revenue minus total explicit cost
adverse selection the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party
agent a person who is performing an act for another person, called the principal Arrow’s impossibility theorem a
mathematical result showing that,under certain assumed conditions,
there is no scheme for aggregating
individual preferences into a valid set of social preferences
average fixed cost fixed cost divided by the quantity of output
average revenue total revenue divided by the quantity sold
average tax rate total taxes paid divided by total income
average total cost total cost divided by the quantity of output
average variable cost variable cost divided by the quantity of output
behavioral economics the subfield of economics that integrates the insights of psychology
benefits principle the idea that people should pay taxes based on the benefits they receive from government services budget constraint the limit on the
consumption bundles that a consumer can afford
budget deficit an excess of government spending over government receipts
budget surplus an excess of government receipts over government spending
business cycle fluctuations in economic activity, such as employment and production
capital the equipment and structures used to produce goods and services
cartel a group of firms acting in unison circular-flow diagram a visual model of the economy that shows how dollars flow through markets among households and firms
Coase theorem the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own
collusion an agreement among firms in a market about quantities to produce or prices to charge
common resources goods that are rival in consumption but not excludable comparative advantage the ability to produce a good at a lower opportunity cost than another producer
compensating differential a difference in wages that arises to offset the
nonmonetary characteristics of different jobs
competitive market a market with many buyers and sellers trading identical
products so that each buyer and seller is a price taker
complements two goods for which an increase in the price of one leads to a decrease in the demand for the other Condorcet paradox the failure of majority rule to produce transitive preferences for society
constant returns to scale the property whereby long-run average total cost stays the same as the quantity of output
changes
consumer surplus the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it corrective tax a tax designed to induce private decision makers to take account of the social
costs that arise from a negative externality
cost the value of everything a seller must give up to produce a good
cost–benefit analysis a study that
compares the costs and benefits to society of providing a public good
cross-price elasticity of demand a measure of how much the quantity demanded of one good responds to a change in the price of another
good,computed as the percentage change in quantity demanded of the first good divided by the percentage change in the price of the second good
deadweight loss the fall in total surplus that results from a market distortion, such as a tax
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
discrimination the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics diseconomies of scale the property
whereby long-run average total cost rises as the quantity of output increases
dominant strategy a strategy that is best for a player in a game regardless of the strategies chosen by the other players economic profit total revenue minus total cost, including both explicit and implicit costs
economics the study of how society manages its scarce resources
economies of scale the property whereby long-run average total cost falls as the quantity of output increases
efficiency the property of society getting the most it can from its scarce resources efficiency wages above-equilibrium wages paid by firms to increase worker productivity
efficient scale the quantity of output that minimizes average total cost elasticity a measure of the
responsiveness of quantity demanded or quantity supplied to one of its determinants
equality the property of distributing economic prosperity uniformly among the members of society
equilibrium a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
equilibrium price the price that balances quantity supplied and quantity demanded equilibrium quantity the quantity supplied and the quantity demanded at the equilibrium price
excludability the property of a good whereby a person can be prevented from using it
explicit costs input costs that require an outlay of money by the firm
exports goods produced domestically and sold abroad
externality the uncompensated impact of
one person’s actions on the well-being of a bystander
factors of production the inputs used to produce goods and services
fixed costs costs that do not vary with the quantity of output produced
free rider a person who receives the benefit of a good but avoids paying for it game theory the study of how people behave in strategic situations Giffen good a good for which an
increase in the price raises the quantity demanded
horizontal equity the idea that taxpayers with similar abilities to pay taxes should pay the same amount
human capital the knowledge and skills that workers acquire through education, training, and experience
implicit costs input costs that do not require an outlay of money by the firm imports goods produced abroad and sold domestically
incentive something that induces a person to act
income effect the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
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
indifference curve a curve that shows consumption bundles that give the
consumer the same level of satisfaction inferior good a good for which, other things equal, an increase in income leads to a decrease in demand
inflation an increase in the overall level of prices in the economy
in-kind transfers transfers to the poor given in the form of goods and services rather than cash
internalizing the externality altering incentives so that people take account of the external effects of their actions law of demand the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
law of supply the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises law of supply and demand the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance 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
life cycle the regular pattern of income variation over a person’s life
lump-sum tax a tax that is the same amount for every person
macroeconomics the study of
economy-wide phenomena, including inflation, unemployment, and economic growth
marginal changes small incremental adjustments to a plan of action
marginal cost the increase in total cost that arises from an extra unit of production
marginal product the increase in output
that arises from an additional unit of input
marginal product of labor the increase in the amount of output from an additional unit of labor
marginal rate of substitution the rate at which a consumer is willing to trade one good for another
marginal revenue the change in total revenue from an additional unit sold
marginal tax rate the extra taxes paid on an additional dollar of income
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
market failure a situation in which a market left on its own fails to allocate resources efficiently
market power the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
maximin criterion the claim that the government should aim to maximize the well-being of the worst-off person in society
median voter theorem a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter microeconomics the study of how
households and firms make decisions and how they interact in markets
monopolistic competition a market structure in which many firms sell
products that are similar but not identical monopoly a firm that is the sole seller of a product without close substitutes moral hazard the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior
Nash equilibrium a situation in which economic factors interacting with one another each choose their best strategy given the strategies that all the other factors have chosen
natural monopoly a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms negative income tax a tax system that collects revenue from high-income households and gives subsidies to low-income households
normal good a good for which, other things equal, an increase in income leads to an increase in demand
normative statements claims that attempt to prescribe how the world should be
oligopoly a market structure in which only a few sellers offer similar or identical products
opportunity cost whatever must be given up to obtain some item
perfect complements two goods with right-angle indifference curves perfect substitutes two goods with straight-line indifference curves
permanent income a person’s normal income
political economy the study of
government using the analytic methods of economics
positive statements claims that attempt to describe the world as it is
poverty line an absolute level of income
set by the federal government for each family size below which a family is deemed to be in poverty
poverty rate the percentage of the population whose family income falls below an absolute level called the poverty line
price ceiling a legal maximum on the price at which a good can be sold price discrimination the business practice of selling the same good at different prices to different customers price elasticity of demand a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price
price elasticity of supply a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price
price floor a legal minimum on the price at which a good can be sold
principal a person for whom another person, called the agent, is performing some act
prisoners’ dilemma a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
private goods goods that are both excludable and rival in consumption producer surplus the amount a seller is paid for a good minus the seller’s cost of providing it
production function the relationship between the quantity of inputs used to make a good and the quantity of output of that good
production possibilities frontier a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology productivity the quantity of goods and services produced from each unit of labor input
profit total revenue minus total cost progressive tax a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers
property rights the ability of an
individual to own and exercise control over scarce resources
proportional tax a tax for which
high-income and low-income taxpayers pay the same fraction of income public goods goods that are neither excludable nor rival in consumption quantity demanded the amount of a good that buyers are willing and able to purchase
quantity supplied the amount of a good that sellers are willing and able to sell rational people people who
systematically and purposefully do the best they can to achieve their objectives regressive tax a tax for which
high-income taxpayers pay a smaller fraction of their income than do lowincome taxpayers
rivalry in consumption the property of a good whereby one person’s use diminishes other people’s use
scarcity the limited nature of society’s resources
screening an action taken by an
uninformed party to induce an informed party to reveal information
shortage a situation in which quantity demanded is greater than quantity supplied
signaling an action taken by an informed party to reveal private information to an uninformed party
social insurance government policy aimed at protecting people against the risk of adverse events
strike the organized withdrawal of labor from a firm by a union
substitutes two goods for which an increase in the price of one leads to an increase in the demand for the other substitution effect the change in consumption that results when a price change moves the consumer along a
given indifference curve to a point with a new marginal rate of substitution sunk cost a cost that has already been committed and cannot be recovered supply curve a graph of the relationship between the price of a good and the quantity supplied
supply schedule a table that shows the relationship between the price of a good and the quantity supplied
surplus a situation in which quantity supplied is greater than quantity demanded
tariff a tax on goods produced abroad and sold domestically
tax incidence the manner in which the burden of a tax is shared among participants in a market
total cost the market value of the inputs a firm uses in production
total revenue (for firm) the amount a firm receives for the sale of its output 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
Tragedy of the Commons a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole
transaction costs the costs that parties incur in the process of agreeing to and following through on a bargain
union a worker association that bargains with employers over wages, benefits, and working conditions
utilitarianism the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society utility a measure of happiness or satisfaction
value of the marginal product the marginal product of an input times the price of the output
variable costs costs that vary with the quantity of output produced
vertical equity the idea that taxpayers with a greater ability to pay taxes should pay larger amounts
welfare government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being
willingness to pay the maximum amount that a buyer will pay for a good world price the price of a good that
prevails in the world market for that good
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2022-03-26
