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Solutions for Chapter 1: The Five Themes of Geography

World Geography | ISBN: 9780618689989 | Authors: McDougal Littel

Full solutions for World Geography

ISBN: 9780618689989

World Geography | ISBN: 9780618689989 | Authors: McDougal Littel

Solutions for Chapter 1: The Five Themes of Geography

Solutions for Chapter 1
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Textbook: World Geography
Edition:
Author: McDougal Littel
ISBN: 9780618689989

World Geography was written by and is associated to the ISBN: 9780618689989. This textbook survival guide was created for the textbook: World Geography, edition: . Since 37 problems in chapter 1: The Five Themes of Geography have been answered, more than 11480 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter 1: The Five Themes of Geography includes 37 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • 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

  • common resources

    goods that are rival in consumption but not excludable

  • consumption

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

  • discouraged workers

    individuals who would like to work but have given up looking for a job

  • economics

    the study of how society manages its scarce resources

  • factors of production

    the inputs used to produce goods and services

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • investment

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

  • law of supply

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

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • nominal GDP

    the production of goods and services valued at current prices

  • open economy

    an economy that interacts freely with other economies around the world

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • random walk

    the path of a variable whose changes are impossible to predict

  • reserves

    deposits that banks have received but have not loaned out

  • sacrifice ratio

    the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

  • unemployment rate

    the percentage of the labor force that is unemployed

  • velocity of money

    the rate at which money changes hands

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