Unformatted text preview: The factor at that time that affected labor supply and labor demand was that so many people were dead or dying. Nearly half of Europe’s population had passed away. In the 14 th century, most of Europe’s citizens were farmers. With so few farmers available at the time, how were remaining farmers supposed to keep up with the demand for products they didn’t produce. Even the products they did produce were in short supply simply because the demand for food had to be met with alternatives. People had to eat, so to compensate for the produce that was not being harvested, people had to resort to eating what was available from other farmers. This put a huge strain on the remaining farmers and their own supply....
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This note was uploaded on 02/11/2011 for the course XECO 212 taught by Professor Cohen during the Fall '10 term at University of Phoenix.
- Fall '10