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An Extreme Form of Racial Stratification Whereby There Is Legally

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An extreme form of racial stratification whereby there is legally sanctioned segregation based on categories of race.One such example was South Africa in the 1980s.


Definitions:

Resource

An input used in the production of goods or services, such as labor, land, capital, and technology.

Units

A standard quantity or measurement used to express the quantity of a product or dimension of a measure.

Purely Competitive Market

A market structure where no single buyer or seller has the power to influence prices, and products are perfectly substitutable.

Wage Rate

The standard amount of compensation an employee receives for performing a specific task or for working a certain amount of time, typically measured per hour or per unit of work.

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