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Textbooks / Business / World History 2

World History 2nd Edition - Solutions by Chapter

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

World History | 2nd Edition - Solutions by Chapter

World History was written by and is associated to the ISBN: 9780078607028. This textbook survival guide was created for the textbook: World History, edition: 2. The full step-by-step solution to problem in World History were answered by , our top Business solution expert on 03/19/18, 04:39PM. Since problems from 32 chapters in World History have been answered, more than 8584 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 32.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • constant returns to scale

    the property whereby long-run average total cost stays the same as the quantity of output changes

  • crowding out

    a decrease in investment that results from government borrowing

  • economics

    the study of how society manages its scarce resources

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • government purchases

    spending on goods and services by local, state, and federal governments

  • inflation tax

    the revenue the government raises by creating money

  • marginal product

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

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • money

    the set of assets in an economy that people regularly use to buy goods and services from other peopl

  • 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

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • nominal GDP

    the production of goods and services valued at current prices

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • 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

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • signaling

    an action taken by an informed party to reveal private information to an uninformed party

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