In What Ways Would the Transition from Hunting and Gathering

question 61

Essay

In what ways would the transition from hunting and gathering to a settled, agricultural society have improved people's lives, and in what ways would the transition have decreased the quality of life?

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Definitions:

Allocative Efficiency

A state of resource allocation where it is impossible to make any one individual better off without making at least one individual worse off, typically achieved when the economy effectively allocates resources to where they are most valued.

Productive Efficiency

A scenario where goods or services are produced at the lowest possible cost, often involving optimal utilization of resources.

X-inefficiency

The difference between efficient behaviors of businesses in a competitive market and their actual behaviors due to lack of competitive pressure.

Decreasing-cost Industry

An industry in which the costs of production decrease as the industry grows and output increases.