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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 1084 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • commodity money

    money that takes the form of a commodity with intrinsic value

  • efficiency

    the property of society getting the most it can from its scarce resources

  • efficient scale

    the quantity of output that minimizes average total cost

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • frictional unemployment

    unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills

  • gross domestic product (GDP)

    the market value of all final goods and services produced within a country in a given period of time

  • implicit costs

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

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • marginal product of labor

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

  • natural resources

    the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits

  • negative income tax

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

  • private goods

    goods that are both excludable and rival in consumption

  • random walk

    the path of a variable whose changes are impossible to predict

  • strike

    the organized withdrawal of labor from a firm by a union

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • tariff

    tax on goods produced abroad and sold domestically

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

  • value of the marginal product

    the marginal product of an input times the price of the output

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