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Using Map 25.1 and your textbook as a reference, discuss the Great Trek. Describe the relationship between the British, the Afrikaners, and the Zulu. What new European colonies were formed as a result?
Short Run
A period in economics where at least one factor of production is fixed, leading to limited adjustments in production or operation.
Long Run
An economic phase where every production factor and cost can adjust completely to alterations, due to their variable nature.
Most Efficient Output
The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing efficiency.
Profit-Maximizing
The process by which a company determines the price and output level that returns the highest profit.
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