Identify and State the Historical Significance of the Following

question 67

Short Answer

Identify and state the historical significance of the following:
-​D.W. Griffith

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Definitions:

Labor

The physical and mental effort used to produce goods and services.

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.

Inferior Good

A type of good whose demand decreases when consumer income rises, contrary to normal goods, which see increased demand as incomes rise.

Inferior Good

A type of good whose demand decreases when the income of consumers increases.