What Was the Main Problem Faced by Early Capitalists in Seventeenth-

question 18

Multiple Choice

What was the main problem faced by early capitalists in seventeenth- and eighteenth-century Europe?

• A) shortage of capital
• B) shortage of technology
• C) shortage of workers
• D) shortage of public support

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Definitions:

Substitute Good

A good that can replace another to satisfy similar needs or desires, often influenced by changes in prices and consumer preferences.

Downsloping Demand

A situation where the demand for a good decreases as the price increases, following the typical law of demand.

Upsloping Supply

A supply curve that increases from left to right, indicating a direct relationship between price and quantity supplied.

Commodity X

A placeholder term for any marketable item produced to satisfy wants or needs, with emphasis on its uniformity and interchangeability with other commodities of the same type.