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US Economic History Part 1

STUDY
PLAY
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