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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 1064 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • average variable cost

    variable cost divided by the quantity of output

  • budget surplus

    an excess of tax revenue over government spending

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • demand deposits

    balances in bank accounts that depositors can access on demand by writing a check

  • diminishing marginal product

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

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • incentive

    something that induces a person to act

  • 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”

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • public goods

    goods that are neither excludable nor rival in consumption

  • real GDP

    the production of goods and services valued at constant prices

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

  • velocity of money

    the rate at which money changes hands

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