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

Solutions for Chapter 20: Economic Development

World Geography | ISBN: 9780618689989 | Authors: McDougal Littel

Full solutions for World Geography

ISBN: 9780618689989

World Geography | ISBN: 9780618689989 | Authors: McDougal Littel

Solutions for Chapter 20: Economic Development

Solutions for Chapter 20
4 5 0 312 Reviews
24
5
Textbook: World Geography
Edition:
Author: McDougal Littel
ISBN: 9780618689989

This expansive textbook survival guide covers the following chapters and their solutions. Chapter 20: Economic Development includes 33 full step-by-step solutions. Since 33 problems in chapter 20: Economic Development have been answered, more than 12528 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: World Geography, edition: . World Geography was written by and is associated to the ISBN: 9780618689989.

Key Business Terms and definitions covered in this textbook
  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • bank capital

    the resources a bank’s owners have put into the institution

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • efficient markets hypothesis

    the theory that asset prices reflect all publicly available information about the value of an asset

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • exports

    goods produced domestically and sold abroad

  • inflation

    an increase in the overall level of prices in the economy

  • leverage

    the use of borrowed money to supplement existing funds for purposes of investment

  • macroeconomics

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

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • net exports

    spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)

  • producer surplus

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

  • progressive tax

    a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

  • public goods

    goods that are neither excludable nor rival in consumption

  • rational expectations

    the theory that people optimally use all the information they have, including information about government policies, when forecasting the future

  • scarcity

    the limited nature of society’s resources

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

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