In the Late 1800's and Early 1900's,researchers Began to Discover

question 42

True/False

In the late 1800's and early 1900's,researchers began to discover that victims of epidemics such as influenza and cholera were victims of microorganisms found in contaminated air,water and human waste.

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Definitions:

Normal Profit

The level of profit that is just sufficient to keep an entrepreneur in business, equaling total revenues minus explicit and implicit costs.

Price System

An economic mechanism wherein prices are determined by the interaction of supply and demand, guiding the allocation of resources and distribution of goods and services.

Scarce Goods

Items that are limited in availability relative to the desires or needs of consumers.

Laissez-Faire Economy

Literally from the French: “allow [them] to do.” An economy in which individual people and firms pursue their own self-interest without any central direction or regulation.