×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Solutions for Chapter 17: Challenges and Hopes for the Future

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

ISBN: 9780078678554

Solutions for Chapter 17: Challenges and Hopes for the Future

Chapter 17: Challenges and Hopes for the Future includes 8 full step-by-step solutions. This textbook survival guide was created for the textbook: World History: Modern Times, edition: 3. Since 8 problems in chapter 17: Challenges and Hopes for the Future 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. World History: Modern Times was written by and is associated to the ISBN: 9780078678554.

Key Business Terms and definitions covered in this textbook
  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • average total cost

    total cost divided by the quantity of output

  • capital

    the equipment and structures used to produce goods and services

  • comparative advantage

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

  • cost

    the value of everything a seller must give up to produce a good

  • implicit costs

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

  • inflation rate

    the percentage change in the price index from the preceding period

  • leverage

    the use of borrowed money to supplement existing funds for purposes of investment

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • menu costs

    the costs of changing prices

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • net exports

    spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)

  • public saving

    the tax revenue that the government has left after paying for its spending

  • rational expectations

    the theory that people optimally use all the information they have, including information about government policies, when forecasting the future

  • substitutes

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

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • supply schedule

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

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

  • welfare

    government programs that supplement the incomes of the needy

  • willingness to pay

    the maximum amount that a buyer will pay for a good

×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
×
Reset your password