Define and State the Historical Significance of the Following

question 34

Short Answer

Define and state the historical significance of the following:
-sumptuary laws

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Definitions:

Tax

A non-optional financial assessment or alternate form of contribution demanded from a taxpayer by a governmental administration for the purpose of allocating funds for government usage and various public expenditure needs.

Market Period

A very short period of time in which the supply of a good is fixed, typically because the time frame is too short to alter production.

Industry Supply

The total quantity of a good or service that producers in an industry are willing and able to sell at different price levels.

Firm's Output

The total quantity of goods and services produced by a company over a particular period.