It is important because it does not balance on a yearly basis, but rather on economy cycles. This means that budget deficits and surpluses are accounted for in the budget according to what economic cycle the country is in. That's why the definition of surplus and deficit changes depending on how successful the economy is.
The daily life of a serf was hard. The Medieval serfs did not receive their land as a free gift; for the use of it they owed certain duties to their master. These took chiefly the form of personal services. Medieval Serfs had to labor on the lord's domain for two or three days each week, and at specially busy seasons, such as ploughing and harvesting, Serfs had to do do extra work. The daily life of a serf was dictated by the requirements of the lord of the manor. At least half his time was usually demanded by the lord. Serfs also had to make certain payments, either in money or more often in grain, honey, eggs, or other produce. When Serfs ground the wheat he was obliged to use the lord's mill, and pay the customary charge. In theory the lord could tax his serfs as heavily and make them work as hard as he pleased, but the fear of losing his tenants doubtless in most cases prevented him from imposing too great burdens on the daily life of the serf.
Answer:
Absolute monarchy - Monarch holds supreme power, Existed in England before the signing of the Magna Carta.
Constitutional monarchy - Currently existed in Britain, Monarch's power is bound by legal limits.
Explanation:
<u>Absolute monarchy</u> :
-- Monarch holds supreme power.
-- Existed in England before the signing of the Magna Carta.
An absolute monarchy is a type of government where there is only one ruler. The monarch is usually a king or a queen and the have the supreme power over everything. In absolute monarchy, there is no written law or rules.
<u>Constitutional monarchy</u> :
-- Currently existed in Britain.
-- Monarch's power is bound by legal limits.
Constitutional monarchy is a system of government where the ruler exercises his authority according to the written constitution or law. The monarch is purely a ceremonial leader.
