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Some historians have argued that Reconstruction was a total failure, while others have seen it as laying the foundation for future American progress in race relations and civil rights. What arguments can be made for each position? Which is more persuasive?
Marginal Returns
The additional output gained by employing an additional unit of a resource.
Labor
The measure of the work done by human beings in the economy, often referred to in terms of hours worked or total workforce.
Capital
Refers to the financial assets or resources that businesses use to fund their operations and grow, including cash, equipment, and buildings.
Increasing Returns
A concept in economics where an increase in the scale of production leads to a greater than proportional increase in output.
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