Instructions: Identify the Following Terms

question 62

Short Answer

Instructions: Identify the following terms.
the Khoi and the San

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Definitions:

Classical Economists

Economists from the 18th and 19th centuries who believed in self-regulating markets and emphasized the importance of supply in determining economic value.

Money

A medium of exchange that facilitates trade, and is widely accepted in payment for goods and services and repayment of debts.

Savings

The portion of income not spent on consumption, often set aside for future use or investment.

Equilibrium

A condition where the supply and demand in the market are in equilibrium, leading to stable prices.