Examlex
Define the following terms and explain why they are important in the study of economics.
a. Efficient allocation
b. Laissez-faire
c. Peak pricing
d. Input-output analysis
e. Coordination tasks
Legal Rights
Codified entitlements that individuals have under the law, including rights to free speech, fair trial, voting, and equality before the law.
European Slaves
Individuals from European countries who were enslaved or indentured at various points in history, including during the Ottoman conquests and in the Barbary slave trade.
Gang Labor
A system of labor, especially in agriculture, where a group of workers is directed and supervised by an overseer, often associated with the antebellum South in the United States.
New World Plantations
Large agricultural estates in the Americas that relied heavily on the labor of enslaved Africans to cultivate crops like sugar, tobacco, and cotton.
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