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Ways of the World: A Brief Global History with Sources - Solutions by Chapter

Full solutions for Ways of the World: A Brief Global History with Sources

ISBN: 9780312644666

Ways of the World: A Brief Global History with Sources - Solutions by Chapter

Solutions by Chapter
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Textbook: Ways of the World: A Brief Global History with Sources
Edition:
Author: Robert W. Strayer
ISBN: 9780312644666

Ways of the World: A Brief Global History with Sources was written by and is associated to the ISBN: 9780312644666. The full step-by-step solution to problem in Ways of the World: A Brief Global History with Sources were answered by , our top Business solution expert on 03/19/18, 04:31PM. This textbook survival guide was created for the textbook: Ways of the World: A Brief Global History with Sources, edition: . This expansive textbook survival guide covers the following chapters: 25. Since problems from 25 chapters in Ways of the World: A Brief Global History with Sources have been answered, more than 1861 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • accounting profit

    total revenue minus total explicit cost

  • agent

    a person who is performing an act for another person, called the principal

  • balanced trade

    a situation in which exports equal imports

  • capital requirement

    a government regulation specifying a minimum amount of bank capital

  • catch-up effect

    the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • diversification

    the reduction of risk achieved by replacing a single risk with a large number of smaller, unrelated risks

  • explicit costs

    input costs that require an outlay of money by the firm

  • Federal Reserve (Fed)

    the central bank of the United States

  • 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”

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • market risk

    isk that affects all companies in the stock market

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • perfect complements

    two goods with right-angle indifference curves

  • 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

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • tariff

    tax on goods produced abroad and sold domestically

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