List and define three different systems of stratification in society

The three types of stratification that we will look at are: slavery, castes, and social classes. Slav-

ery is the most extreme form of social inequality, where one group of people is owned by other  

people. A caste system is one where social stratification is based on the status of a person  

when they are born. A class system is one where social ranks are based primarily on economic  

position and individual achievement.

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industry had made the u.s. the richest nation in the world at this time. the second industrial revolution caused growth in industry and transportation, which allowed increased trade between nations.

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.