Glossary
- Abatement technology
A production technology that reduces or prevents pollution. (p. 249)
- Ability-to-pay principle
The proposition that people should pay taxes according to how easily they can bear the burden. (p. 206)
- Absolute advantage
When one person (or nation) is more productive than another—needs fewer inputs or takes less time to produce a good or perform a production task. (p. 73)
- Adverse selection
The tendency for people to enter into transactions that bring them benefits from their private information and impose costs on the uninformed party. (p. 297)
- Aggregate demand
The relationship between the quantity of real GDP demanded and the price level when all other influences on expenditure plans remain the same. (p. 756)
- Aggregate ...
Get Foundations of Economics, 8th Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
