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Solutions for Chapter Chapter 34: The Colonies Become New Nations, 1945-Present

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

ISBN: 9780547034751

Solutions for Chapter Chapter 34: The Colonies Become New Nations, 1945-Present

Since 18 problems in chapter Chapter 34: The Colonies Become New Nations, 1945-Present have been answered, more than 6859 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. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: World History: Patterns of Interaction, edition: 1. Chapter Chapter 34: The Colonies Become New Nations, 1945-Present includes 18 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • benefits principle

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

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • closed economy

    an economy that does not interact with other economies in the world

  • compounding

    the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the future

  • cost

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

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • exports

    goods produced domestically and sold abroad

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • game theory

    the study of how people behave in strategic situations

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • physical capital

    the stock of equipment and structures that are used to produce goods and services

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • total cost

    the market value of the inputs a firm uses in production

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