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Solutions for Chapter Chapter 36: Global Interdependence, 1960Present

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

ISBN: 9780547034751

Solutions for Chapter Chapter 36: Global Interdependence, 1960Present

Since 20 problems in chapter Chapter 36: Global Interdependence, 1960Present have been answered, more than 6829 students have viewed full step-by-step solutions from this chapter. Chapter Chapter 36: Global Interdependence, 1960Present includes 20 full step-by-step solutions. 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. World History: Patterns of Interaction was written by and is associated to the ISBN: 9780547034751.

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

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • diseconomies of scal

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

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • Federal Reserve (Fed)

    the central bank of the United States

  • fixed costs

    costs that do not vary with the quantity of output produced

  • incentive

    something that induces a person to act

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • marginal cost

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

  • market

    a group of buyers and sellers of a particular good or service

  • model of aggregate demand and aggregate supply

    the model that most economists use to explain shortrun fluctuations in economic activity around its long-run trend

  • nominal exchange rate

    the rate at which a person can trade the currency of one country for the currency of another

  • physical capital

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

  • 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

  • risk aversion

    a dislike of uncertainty

  • social insurance

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

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

  • utilitarianism

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

  • utility

    a measure of happiness or satisfaction

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