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Solutions for Chapter 8: Commerce And Culture, 5001500

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

ISBN: 9780312644666

Solutions for Chapter 8: Commerce And Culture, 5001500

This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Ways of the World: A Brief Global History with Sources, edition: . Since 4 problems in chapter 8: Commerce And Culture, 5001500 have been answered, more than 2104 students have viewed full step-by-step solutions from this chapter. Ways of the World: A Brief Global History with Sources was written by and is associated to the ISBN: 9780312644666. Chapter 8: Commerce And Culture, 5001500 includes 4 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • balanced trade

    a situation in which exports equal imports

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • cross-price elasticity of demand

    a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good

  • diversification

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

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • indexation

    the automatic correction by law or contract of a dollar amount for the effects of inflation

  • 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

  • marginal change

    a small incremental adjustment to a plan of action

  • marginal product of labor

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

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • nominal interest rate

    the interest rate as usually reported without a correction for the effects of inflation

  • open economy

    an economy that interacts freely with other economies around the world

  • open-market operations

    the purchase and sale of U.S. government bonds by the Fed

  • political economy

    the study of government using the analytic methods of economics

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • prisoners’ dilemma

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

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • trade policy

    a government policy that directly influences the quantity of goods and services that a country imports or exports

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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