Microeconomics,, 16th Canadian Edition

Though Samuelson made major contributions to many branches of economics, three are particularly notable. First, he showed how th ...

Common Abbreviations Used in the Text ...

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Economists on record ... On the economic problem ... The peculiar character of the problem of a rational economic order is deter ...

On “balance” in economics ... There is a long-standing tension in economics between belief in the advantages of the market mecha ...

On choosing between theories ... ... any theory has implications ... and it is true that most of us would not value the theory i ...

Ronald Coase , 1991 Nobel Laureate “How Should Economists Choose?,” in Essays on Economics and Economists (Chicago: The Universi ...

Glossary factors of production Resources used to produce goods and services; frequently divided into the basic categories of lan ...

between attainable and unattainable output combinations. resource allocation The allocation of an economy’s scarce resources amo ...

command economy An economy in which most economic decisions are made by a central planning authority. free-market economy An eco ...

exogenous variable A variable that is determined outside the theory. Sometimes called an autonomous variable or an independent v ...

price of a product, other things being equal. demand curve The graphical representation of the relationship between quantity dem ...

The amount of a good or service that producers want to sell during some time period. supply schedule A table showing the relatio ...

goods or services. excess demand A situation in which, at the given price, quantity demanded exceeds quantity supplied. excess s ...

relative price The ratio of the money price of one product to the money price of another product; that is, a ratio of two absolu ...

income elasticity of demand A measure of the responsiveness of quantity demanded to a change in income. normal good A good for w ...

black market A situation in which products are sold at prices that violate a legal price control. utility The satisfaction that ...

The change in the quantity of a product demanded resulting from a change in real income (holding relative prices constant). Giff ...

A firm that has a legal existence separate from that of the owners. state-owned enterprise A flrm that is owned by the governmen ...