×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Already have an account? Login here
×
Reset your password

Textbooks / Business / World Geography

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 12688 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • circular-flow diagram

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

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • constant returns to scale

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

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • efficient scale

    the quantity of output that minimizes average total cost

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • incentive

    something that induces a person to act

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • market

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

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • production function

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

  • profit

    total revenue minus total cost

  • signaling

    an action taken by an informed party to reveal private information to an uninformed party

  • store of value

    an item that people can use to transfer purchasing power from the present to the future

  • tariff

    tax on goods produced abroad and sold domestically

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • value of the marginal product

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

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being