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Textbooks / Business / Ways of the World: A Brief Global History with Sources

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 5053 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • depression

    a severe recession

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • elasticity

    the quantity of output that minimizes average total cost

  • explicit costs

    input costs that require an outlay of money by the firm

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • inflation

    an increase in the overall level of prices in the economy

  • life cycle

    the regular pattern of income variation over a person’s life

  • marginal product

    the increase in output that arises from an additional unit of input

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • nominal GDP

    the production of goods and services valued at current prices

  • permanent income

    a person’s normal income

  • random walk

    the path of a variable whose changes are impossible to predict

  • real GDP

    the production of goods and services valued at constant prices

  • scarcity

    the limited nature of society’s resources

  • scarcity

    the limited nature of society’s resources

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being