In the Feudal System That Preceded Capitalism, the Basic Unit

question 80

Multiple Choice

In the feudal system that preceded capitalism, the basic unit of economic production was the:

• A) factory
• B) manor
• C) guild
• D) workshop

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Definitions:

Income Effect

Variations in income for either a person or the economy as a whole, and how these variations influence the demand for specific goods or services.

Substitution Effect

A shift in consumer preferences resulting from alterations in the comparative costs of different products, causing buyers to switch from one product to another.

Demand Curves

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to buy at that price.

Marginal Utility Data

Information that measures the additional satisfaction or benefit that is gained from consuming one more unit of a good or service.