What We Call Capitalism Did Not Fully Emerge Until the Renaissance

question 25

True/False

What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.

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Definitions:

Wealth Of Nations

The colloquial title of "An Inquiry into the Nature and Causes of the Wealth of Nations," a foundational work in classical economics published by Adam Smith in 1776.

Famous Economist

A renowned expert in economics who has made significant contributions to the study and understanding of economic theories and practices.

Unemployment Rate

The proportion of the labor force that is not employed but is looking for work actively.

Peak Efficiency

Refers to a condition under which a system, such as an economy or a production process, operates at its highest possible level of output without wasting resources.