Instructions: _∙ Identify Each Item. Give an Explanation or Description of of the Item

question 72

Essay

Instructions:
_∙ Identify each item. Give an explanation or description of the item. Answer the questions who, what, where, and when.
Explain the historical significance of each item. Establish the historical context in which the
_∙ item exists. Establish the item as the result of or as the cause of other factors existing in the society under study. Answer this question: What were the political, social, economic,
and/or cultural consequences of this item?
-General Nathanael Greene

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Definitions:

Scarce Resources

Resources such as manpower, materials, and capital, which are limited in availability and essential for production processes.

Bowed Outward

A characteristic of the production possibilities frontier that reflects the increasing opportunity cost of producing one good as more of it is produced, which results in the curve being concave from the origin.

Economy's Resources

The total assets available for production, including land, labor, capital, and entrepreneurship, within a given economy.

Unemployment

The situation when individuals who are able and willing to work cannot find employment, often measured as a percentage of the labor force.