Principles of Economics- Mankiw (5th) 786

Principles of Economics- Mankiw (5th) 786 - 812 G L O S S A...

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depreciation —a decrease in the value of a currency as measured by the amount of foreign currency it can buy depression —a severe recession diminishing marginal product —the property whereby the marginal product of an input declines as the quantity of the input increases diminishing returns —the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases discount rate —the interest rate on the loans that the Fed makes to banks discouraged workers —individuals who would like to work but have given up looking for a job discrimination —the offering of differ- ent opportunities to similar individ- uals 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 regard- less 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
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This note was uploaded on 08/01/2010 for the course ECON 120 taught by Professor Abijian during the Spring '10 term at Mesa CC.

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