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Paradox of Thrift: Increased saving increases withdrawals from the money flow; unless these withdrawals are successfully channeled into new investment spending, capital formation will decline.

Pareto-efficient allocations: resource allocations, that cannot make a person better off without making someone else worse off

Partial equilibrium analysis: an analysis that focuses on only one or a few markets at a time

Partnership: a business owned by two or more individuals, who share the profits and are jointly liable for any losses

Patent: a government decree giving an inventor the exclusive right to produce, use, or sell an invention

Paternalism: the making of judgments by government about what is good for people to have, rather than letting people choose on their own

Payroll tax: a tax based on payroll (wages) that is used to finance the Social Security and Medicare programs

Peak: The highest point attained in the business cycle.

Perfect competition: situation in which each firm is a price taker--it cannot influence the market price; at the market price the firm can sell as much as it wishes, but if it raises its price, it loses all sales

Perfectly mobile capital: capital that responds quickly to changes in returns in different countries

Permanent-income hypothesis: the theory that individuals base their current consumption levels on their permanent (long-run average) income

Permanent-income savings motive: people save in good years, to tide them over in bad years; they choose their pattern of savings and spending year by year to average or smooth their consumption over good years and bad

Personal Saving: The difference between household income (after taxes) and consumption expenditures.

Phillips curve: the trade-off between unemployment and inflation such that a lower level of unemployment is associated with a higher level of inflation

Piece-rate system: a compensation system in which workers are paid specifically for each item produced

Planned economy: an economy in which most decisions about resource allocation are made by the government

Policy ineffectiveness: the proposition that government policies are ineffective--policies aimed at stimulating aggregate demand at most change the price level

Political Economy: Policies that emphasize the interaction between politics and economics and that have political and economic effects.

Portfolio theories: theories that argue that monetary policy affects output through its effect on prices of various assets, in particular the prices of stocks

Positive economics: economics that describes the facts and theories of the economy and how the economy behaves

Potential GDP: a measure of what the value of GDP would be if the economy's resources were fully employed

Potential output: the level of output that would prevail if labor were fully employed (output may exceed that level if workers work more than the normal level of overtime)

Precautionary savings motive: people save to guard against the chance of an unexpected illness or accident

Predatory pricing: the practice of cutting prices below the marginal costs of production to drive out a new firm (or to deter future entry), at which point prices can be raised again

Present discounted value: how much an amount of money to be received in the future is worth right now

Price: The amount of money, or other goods, that you have to give up to buy a good or service.

Price Ceiling: The upper legal limit on a price.

Price discrimination: the practice of a firm charging different prices to different customers or indifferent markets

Price Elasticity of Demand: A measure of the responsiveness of the quantity demanded of a good to changes in that goods price.

Price elasticity of supply: the percentage change in quantity supplied as a result of a 1 percent change in price

Price Floor : The lower limit imposed on a products price by a price control law

Price index: a measure of the level of prices found by comparing the cost of a certain basket of goods in one year with that cost in a base year

Principal: the original amount a saver deposits in a bank or a borrower borrows

Principal-agent problem: any situation in which one party (the principal) needs to delegate actions to another party (the agent), and thus wishes to provide the agent with incentives to work hard and make decisions about risk that reflects the interests of the principal

Prisoner's dilemma: a situation in which the noncooperative pursuit of self-interest by two parties makes them both worse off

Private Good : A good exclusively owned that cannot be simultaneously used by others.

Private marginal cost: the marginal cost of production borne by the producer of a good; when there is a negative externality, such as air pollution, private marginal cost is less than social marginal cost

Privatization: the process whereby functions that were formally run by the government are delegated instead to the private sector

Producer price index: a price index that measures the average level of producers' prices

Product differentiation: the fact that similar products (like breakfast cereals or soft drinks) are perceived to differ from one another and thus are imperfect substitutes

Product liability: the obligation of a producer to compensate the victims of a defective product that has injured them

Product market: the market in which goods and services are bought and sold

Product-mix efficiency: the condition in which the mix of goods produced by the economy reflects the preferences of consumers

Production function: the relationship between the inputs used in production and the level of output

Production Possibilities Curve : All combinations of the maximum amounts of goods that a society can produce with the available resources and technology.

Productive Resources: The inputs of labor, natural resources and capital used to generate new goods and services.

Productivity (GDP per hour): how much an average worker produces per hour, calculated by dividing real GDP by hours worked in the economy

Profits: The excess of income over all costs, including the interest cost of the wealth invested. The net income of a business is not an accurate measure of its profit.

Progressive tax: a tax in which the rich pay a larger fraction of their income than the poor

Property Rights: The conditions of ownership of an asset, the rights to own, use and sell.

Property tax: a tax based on the value of property

Proprietorship: a business owned by a single person, usually a small business

Protectionism: a policy of protecting domestic industries from foreign-made competition

Public Goods: Goods that cannot be withheld from people even if they don't pay for them.

Pure Competition: A situation where many sellers sell the same product and no seller can set the price.

Pure profit (monopoly rents): the profit earned by a monopolist that results from its reducing output and increasing the price from the level at which price equals marginal cost

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