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Discuss How the Availability of Labor and Exploitation of Relatively

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Essay

Discuss how the availability of labor and exploitation of relatively inexpensive raw materials contributed to the increase in industrial output after the Civil War.


Definitions:

Interest Rate

The interest rate is the percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.

Business Production

Activities involved in the creation of goods and services to meet consumer demand.

Employment

The state of having paid work, where an individual offers their skills and labor in exchange for compensation.

Aggregate Supply Curve

A graph that shows the relationship between the overall price level in an economy and the total output produced by firms at different price levels.

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