As Population Movement and Trade Declined in Europe After the Collapse

question 47

True/False

As population movement and trade declined in Europe after the collapse of the Roman Empire in the fifth century CE, the process of urbanization faltered and did not resume for some 600 years.

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Definitions:

Price Mechanism

is the process by which the forces of supply and demand determine the price of goods and services in a market economy.

Circular Flow Model

An economic model illustrating the movement of goods, services, and money between households and businesses in an economy.

Demand

The desire and ability of consumers to purchase goods or services at given prices, playing a critical role in determining market prices and quantities.

Supply

The aggregate availability of a product or service for acquisition at a designated price.