List and Describe the Various Sectors of Colonial Society, and Explain

question 48

Essay

List and describe the various sectors of colonial society, and explain the role of each during the events leading up to the American Revolution and writing of the Constitution.

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Definitions:

Real GDP

Gross Domestic Product adjusted for inflation, providing a more accurate reflection of an economy's size and growth by measuring the value of goods and services produced.

Real GDP

Gross Domestic Product after adjustments for inflation; measures the value of all goods and services produced within a country's borders in a specific time period using constant prices.

Deflation

A decrease in the general price level of goods and services, often leading to an increase in the real value of money.

Inflation

The progression at which the price level for goods and services at large advances, lessening the potency of purchasing.