Define the Following Terms

question 37

Short Answer

Define the following terms:
-Sir Walter Crofton

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Definitions:

Darity And Myers

Refers to William Darity Jr. and Samuel L. Myers, Jr., economists known for their work on racial disparities in economic outcomes.

Economy

The large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated.

Marginal

Refers to the change or difference in an economic variable when altering another variable by a small or marginal amount.

Welfare Dependency

A situation where individuals or families continually rely on government welfare programs for their income over long periods, rather than seeking employment.