A Medieval Knight Could Not Go to the Armor Maker

question 42

Multiple Choice

A medieval knight could not go to the armor maker and pick out a size 44 long suit of armor to protect him in battle. Nor could a person living in the middle ages go to the cobbler and get a pair of shoes in a few minutes. This period before the advent of marketing is known as the ________.

• A) Industrial Revolution
• B) mass production era
• C) Dark Ages
• D) pre-industrial revolution
• E) sales orientation era

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Definitions:

Net Seller

An individual or entity that sells more than it purchases in a given market, often resulting in a net inflow of funds.

Net Buyer

An entity or individual that purchases more of a commodity or asset than they sell in a specific period.

Normal Goods

Goods for which demand increases when consumer income increases, and falls when consumer income decreases, all else being equal.

Wage Rate

The amount of money that is paid to a worker for a specified quantity of labor, usually expressed per hour or piece of work done.