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Solutions for Chapter Chapter 20: The Atlantic World, 14921800

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

ISBN: 9780547034751

Solutions for Chapter Chapter 20: The Atlantic World, 14921800

This textbook survival guide was created for the textbook: World History: Patterns of Interaction, edition: 1. This expansive textbook survival guide covers the following chapters and their solutions. Since 18 problems in chapter Chapter 20: The Atlantic World, 14921800 have been answered, more than 7302 students have viewed full step-by-step solutions from this chapter. World History: Patterns of Interaction was written by and is associated to the ISBN: 9780547034751. Chapter Chapter 20: The Atlantic World, 14921800 includes 18 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • currency

    the paper bills and coins in the hands of the public

  • factors of production

    the inputs used to produce goods and services

  • imports

    goods produced abroad and sold domestically

  • incentive

    something that induces a person to act

  • income effect

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

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • monopolistic competition

    the quantity of money available in the economy

  • 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

  • normative statements

    claims that attempt to prescribe how the world should be

  • price ceiling

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

  • real variables

    variables measured in physical units

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • stock

    a claim to partial ownership in a firm

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

  • value of the marginal product

    the marginal product of an input times the price of the output

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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