This answer explains key terms related to economics and historical figures in the field such as Adam Smith and Karl Marx.
Adam Smith: the Scottish economist known for advocating basic economic freedoms and the importance of labor in production.
Karl Marx: the philosopher who wrote the "Communist Manifesto" and emphasized class struggle in society.
Proverbs 31: a biblical chapter honoring the virtues of a diligent and wise woman.
picket: to protest by encircling or blocking a workplace.
serf: a feudal class member in Europe owned by the estate owner.
closed shop: a workplace where only union members can be hired.
gold coinage: monetary units used as a standard in the Middle Ages.
rebate: receiving money back after fulfilling certain conditions like UPC submission.
capital good: a productive asset used in producing other goods.
competition: businesses battling for consumer purchasing choices.
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