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During What Period Did Innovations in Technology and Business Bring

question 37

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During what period did innovations in technology and business bring Europe into a new merchant capitalist economy?


Definitions:

Unit of Labor

A measurement used to represent an hour of work or effort by a worker or laborer.

Wage Rate

The amount of money paid to an employee for a specified quantity of work, often expressed per hour or year.

Marginal Revenue Product

The extra income produced by the use of an additional unit of a resource, for example, labor or capital.

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