Identify and Give the Historical Significance of Each of the Following

question 122

Essay

Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-New England merchant elite

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Definitions:

Barter Economy

An economic system where goods and services are exchanged directly for other goods and services without the use of money as a medium of exchange.

Five Fundamental Questions

Key economic questions addressing what to produce, how to produce, for whom to produce, who owns and controls resources, and how to provide for growth and innovation.

Business Risk

The potential for losses or less-than-expected returns stemming from the operations or environment of a particular company or industry.

Firm's Owners

Individuals or entities that hold ownership rights in a company, gaining profits and bearing losses from its operation.