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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 1407 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • capital

    the equipment and structures used to produce goods and services

  • common resources

    goods that are rival in consumption but not excludable

  • consumption

    spending by households on goods and services, with the exception of purchases of new housing

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • fundamental analysis

    the study of a company’s accounting statements and future prospects to determine its value

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • income effect

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

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • marginal product of labor

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

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • 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

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • open economy

    an economy that interacts freely with other economies around the world

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • risk aversion

    a dislike of uncertainty

  • sacrifice ratio

    the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point

  • social insurance

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

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

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