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World Geography - Solutions by Chapter

World Geography | ISBN: 9780618689989 | Authors: McDougal Littel

Full solutions for World Geography

ISBN: 9780618689989

World Geography | ISBN: 9780618689989 | Authors: McDougal Littel

World Geography - Solutions by Chapter

World Geography was written by and is associated to the ISBN: 9780618689989. This textbook survival guide was created for the textbook: World Geography, edition: . The full step-by-step solution to problem in World Geography were answered by , our top Business solution expert on 03/19/18, 04:49PM. This expansive textbook survival guide covers the following chapters: 32. Since problems from 32 chapters in World Geography have been answered, more than 7416 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • agent

    a person who is performing an act for another person, called the principal

  • average fixed cost

    fixed cost divided by the quantity of output

  • 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

  • competitive market

    a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

  • constant returns to scale

    the property whereby long-run average total cost stays the same as the quantity of output changes

  • consumer price index (CPI)

    a measure of the overall cost of the goods and services bought by a typical consumer

  • consumption

    spending by households on goods and services, with the exception of purchases of new housing

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • efficiency

    the property of society getting the most it can from its scarce resources

  • equilibrium

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

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • marginal product

    the increase in output that arises from an additional unit of input

  • market risk

    isk that affects all companies in the stock market

  • normative statements

    claims that attempt to prescribe how the world should be

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • trade deficit

    an excess of imports over exports

  • variable costs

    costs that vary with the quantity of output produced

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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