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Textbooks / Business / World History: Patterns of Interaction 1

World History: Patterns of Interaction 1st Edition - Solutions by Chapter

Full solutions for World History: Patterns of Interaction | 1st Edition

ISBN: 9780547034751

World History: Patterns of Interaction | 1st Edition - Solutions by Chapter

Solutions by Chapter
4 5 0 261 Reviews
Textbook: World History: Patterns of Interaction
Edition: 1
Author: Roger B. Beck Linda Black, Larry S. Krieger, Phillip C. Naylor, Dahia Ibo Shabaka
ISBN: 9780547034751

This expansive textbook survival guide covers the following chapters: 36. This textbook survival guide was created for the textbook: World History: Patterns of Interaction, edition: 1. The full step-by-step solution to problem in World History: Patterns of Interaction were answered by , our top Business solution expert on 03/19/18, 04:44PM. Since problems from 36 chapters in World History: Patterns of Interaction have been answered, more than 9532 students have viewed full step-by-step answer. World History: Patterns of Interaction was written by and is associated to the ISBN: 9780547034751.

Key Business Terms and definitions covered in this textbook
  • appreciation

    an increase in the value of a currency as measured by the amount of foreign currency it can buy

  • automatic stabilizers

    changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action

  • bank capital

    the resources a bank’s owners have put into the institution

  • business cycle

    fluctuations in economic activity, such as employment and production

  • crowding-out effect

    the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending

  • equilibrium

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

  • income effect

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

  • lump-sum tax

    a tax that is the same amount for every person

  • 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

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • nominal GDP

    the production of goods and services valued at current prices

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • quantity equation

    the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services

  • stagflation

    a period of falling output and rising prices

  • substitutes

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

  • supply schedule

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

  • world price

    the price of a good that prevails in the world market for that good