- 1.1: Vocabulary Define: civilization, code, focus, patriarchal, pharaoh,...
- 1.2: People Identify: Hammurabi, King Solomon, Aryans, Siddhartha Gautam...
- 1.3: Places Locate: Israel, Judah, Indus River, China.
- 1.4: Explain how the Code of Hammurabi influenced political thought.
- 1.5: Connecting Ideas Analyze how the Hindu system of reincarnation supp...
- 1.6: Compare and Contrast Create a chart like the one below to compare t...
- 1.7: Examine the photo on page 123. What does this image teach us about ...
- 1.8: Expository Writing Explain why Hammurabis code was significant. Dev...
Solutions for Chapter 1: The Legacy of the Ancient World
Full solutions for World History: Modern Times | 3rd Edition
an excess of tax revenue over government spending
a visual model of the economy that shows how dollars flow through markets among households and firms
a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality
the fall in total surplus that results from a market distortion, such as a tax
a graph of the relationship between the price of a good and the quantity demanded
the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics
the property of society getting the most it can from its scarce resources
a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
Federal Reserve (Fed)
the central bank of the United States
a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
input costs that do not require an outlay of money by the firm
the description of asset prices that rationally reflect all available information
the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income
natural level of output
the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate
the production of goods and services valued at current prices
a market structure in which only a few sellers offer similar or identical products
the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money
a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries
variables measured in physical units
a situation in which quantity supplied is greater than quantity demanded