Examlex
Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-nullification crisis
Deficit
A deficit occurs when an entity's expenditures exceed its revenues over a specified period, often referring to government budgets.
Surplus
The situation in which the quantity supplied of a good exceeds the quantity demanded, often resulting in downward pressure on the price.
Thomas Robert Malthus
An English economist and demographer best known for his theory that population growth will outpace agricultural production, leading to widespread poverty and famine.
Malthusian Theory Of Population
Population tends to grow in a geometric progression (1, 2, 4, 8, 16), while food production tends to grow in an arithmetic progression (1, 2, 3, 4, 5).
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