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Solutions for Chapter 7: The Development of Civilizations in Africa

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

Solutions for Chapter 7: The Development of Civilizations in Africa

Solutions for Chapter 7
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Textbook: World History
Edition: 2
Author: Jackson J. Spielvogel
ISBN: 9780078607028

This textbook survival guide was created for the textbook: World History, edition: 2. World History was written by and is associated to the ISBN: 9780078607028. Since 37 problems in chapter 7: The Development of Civilizations in Africa have been answered, more than 9645 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter 7: The Development of Civilizations in Africa includes 37 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • agent

    a person who is performing an act for another person, called the principal

  • aggregate-demand curve

    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

  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • circular-flow diagram

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

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • cost

    the value of everything a seller must give up to produce a good

  • elasticity

    the quantity of output that minimizes average total cost

  • financial markets

    financial institutions through which savers can directly provide funds to borrowers

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • marginal revenue

    the change in total revenue from an additional unit sold

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • 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

  • 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

  • price floor

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

  • price floor

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

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

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