Discuss the Living and Working Conditions of Poor Farmers During

question 95

Essay

Discuss the living and working conditions of poor farmers during the Reconstruction era. What conditions did poor farmers face? Were the conditions of poor white farmers any different from those of poor black ones? How did poor farmers attempt to deal with the challenges they faced?

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Definitions:

Positive Externalities

Benefits that are enjoyed by a third-party or the society at large as a result of an economic transaction, but these benefits are not reflected in the market price.

Resource Problem

The economic issue of having limited resources to satisfy unlimited wants and needs, necessitating choices and priorities in allocation.

Positive Externalities

Benefits experienced by third parties who are not directly involved in the production or consumption of a good or service.

Moral Hazard Problem

A situation where one party engages in risky behavior knowing that it is protected against the consequences by another party.