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Textbooks / Business / World History: Modern Times 3

World History: Modern Times 3rd Edition - Solutions by Chapter

Full solutions for World History: Modern Times | 3rd Edition

ISBN: 9780078678554

World History: Modern Times | 3rd Edition - Solutions by Chapter

This textbook survival guide was created for the textbook: World History: Modern Times, edition: 3. World History: Modern Times was written by and is associated to the ISBN: 9780078678554. This expansive textbook survival guide covers the following chapters: 16. The full step-by-step solution to problem in World History: Modern Times were answered by , our top Business solution expert on 03/19/18, 04:42PM. Since problems from 16 chapters in World History: Modern Times have been answered, more than 3172 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • agent

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

  • cartel

    a group of firms acting in unison

  • common resources

    goods that are rival in consumption but not excludable

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • elasticity

    the quantity of output that minimizes average total cost

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • incentive

    something that induces a person to act

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • inflation rate

    the percentage change in the price index from the preceding period

  • marginal change

    a small incremental adjustment to a plan of action

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • signaling

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

  • strike

    the organized withdrawal of labor from a firm by a union