What was the difference between commercial, agrarian, and slave economies?
There are several important differences between commercial, agrarian, and slave economies.
The commercial or market economy is a type of economic system based on the purchase and sale of goods and services. This means the largest capital is in trade, and trade drives economic production and innovation. The commercial economy requires a skilled labor force, both artists and merchants, as well as a high degree of education and literacy.
Most modern countries are commercial or market economies. The commercial economy has the highest degree of product output and accumulation of capital, i.e., it is the most profitable economy.
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