US Economic History Part 1

7 terms by nancymarysol 

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Economies of Scale

Output can be doubled for less than doubling the cost ie. Rice in the south

Surplus

What a society produces above and beyond it's subsistence requirement

Tariff

A tax on imports

Capital

A factor of production like a shovel, tractor, or factory. Money is also referred to as capital since it is capable of buying factor of production

Feudalism

Economic and social structure, pre-capitalism, roles by birthright ie. serfs and lords, little growth and very little social mobility and making a profit is illegal

Mercantilism

Economic system after Feudalism that is baby merchant capitalism, significant growth and more social mobility, make profit were essential parts

Excise Tax

Sales taxes on certain goods, ei. alcohol or tabacco

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