Peasant Populations

question 72

Multiple Choice

Peasant populations:

• A) are only found in Europe.
• B) are tied to larger political units.
• C) produce no surplus.
• D) provide only a small amount of food for urban populations.
• E) are individuals who own sufficient landholdings to produce what they need annually.

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Definitions:

Poverty

The state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living.

Production Possibilities Frontier

A curve that shows the maximum possible output combinations of two goods or services that an economy can achieve when all its resources are used efficiently.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, characterized by high unemployment, deflation, and a collapse in demand and investment.

Opportunity Cost

The cost of foregone alternatives when one option is chosen over another, representing the benefits that could have been gained by taking the alternate path.