- 16.1: Why did Christianity take hold in some places more than in others?
- 16.2: In what ways was the missionary message of Christianity shaped by t...
- 16.3: Compare the processes by which Christianity and Islam became world ...
- 16.4: In what ways did the spread of Christianity, Islam, and modern scie...
- 16.5: Based on Chapters 13 through 16, how does the history of Islam in t...
Solutions for Chapter 16: Religion And Science, 14501750
Full solutions for Ways of the World: A Brief Global History with Sources
a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level
an excess of government spending over government receipts
economies of scale
the property whereby long-run average total cost falls as the quantity of output increases
the property of society getting the most it can from its scarce resources
financial institutions through which savers can indirectly provide funds to borrowers
an increase in the overall level of prices in the economy
the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income
a small incremental adjustment to a plan of action
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
market for loanable funds
the market in which those who want to save supply funds and those who want to borrow to invest demand funds
the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
the proposition that changes in the money supply do not affect real variables
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
the stock of equipment and structures that are used to produce goods and services
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
a person for whom another person, called the agent, is performing some act
producer price index
a measure of the cost of a basket of goods and services bought by firms
a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers
the manner in which the burden of a tax is shared among participants in a market
theory of liquidity preference
Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance