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Why did both mill owners and families initially favor the family unit form of employment?
Complex Reality
The concept that reality is composed of many interacting components that can be difficult to fully understand or predict.
Economic Theory
A set of principles and models that attempts to explain the relationships among economic variables and to predict future economic outcomes.
Realistic Assumptions
Assumptions made in economic models that aim to closely reflect actual conditions and behaviors in the real world.
Mathematical Terms
Mathematical terms are the specialized vocabulary used to describe concepts, operations, and properties in the field of mathematics.
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