MGMT 4106 BUSINESS IN ITS SOCIAL SETTING Midterm Testable Terms – Fall 2018 Agrarian society : a society based on the values of an agricultural economy. Plato: One of the great Greek philosophers and founders of Western thought, he wrote The Republic , in which he detailed the characteristics of the ideal society, based on his vision of the three parts of the human soul. Just price: A price sufficient to cover costs of production and maintenance of the worker and his family; price inspired by fairness, not greed. Market price: A price determined by the interaction of supply and demand; what buyers will be willing to pay. Usury: The lending of money for interest. Enclosure Movement : the process in England from the 16th through the 18th century of enclosing small landholdings to create one larger farm. Once enclosed, use of the land became restricted to the owner, and it ceased to be common land for communal use. The process of enclosure le...