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Solutions for Chapter 4: Industrialization and Nationalism

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

ISBN: 9780078678554

Solutions for Chapter 4: Industrialization and Nationalism

Chapter 4: Industrialization and Nationalism includes 8 full step-by-step solutions. 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. Since 8 problems in chapter 4: Industrialization and Nationalism have been answered, more than 2009 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • agent

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

  • balanced trade

    a situation in which exports equal imports

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • demand schedule

    a table that shows the relationship between the price of a good and the quantity demanded

  • economies of scale

    the property whereby long-run average total cost falls as the quantity of output increases

  • firm-specific risk

    risk that affects only a single company

  • fundamental analysis

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

  • implicit costs

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

  • in-kind transfers

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

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • political economy

    the study of government using the analytic methods of economics

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • private goods

    goods that are both excludable and rival in consumption

  • real GDP

    the production of goods and services valued at constant prices

  • social insurance

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

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

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