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nikdorinn [45]
3 years ago
14

Using the equilibrium graph below, answer the following questions.

Social Studies
1 answer:
Strike441 [17]3 years ago
3 0

A. Equilibrium price. This is the price where the supply of a product or service is equal to demand of a service or product whereby at the equilibrium there is a satisfaction between the producer and the consumer.

B. We know that the price is at equilibrium because both the supply and demand curves the intersect.

C. Now that the supply of the item is $200 and demand of the item is $100. We will say that there is a surplus of $100 which is being created on items.

D. The supply of the item is $100 and consumers demand is $200, then there is a shortage of $100 which is being created.

E. The suppliers don't want to supply more goods on $200 because if according to the graph the supply will be more there will be surplus of goods and prices goes down because of losses which will be created.

F. Suppliers wants to supply more goods at high price because their price will be high if they supply more goods at high price.

G. Consumers they don't demand items which are high priced because NOT all consumers who can afford, when the price is high priced. Therefore the price of item will increase while the demand of the item decreases.

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In the mid-19th century, western imperial powers such as Great Britain, France, and the United States were aggressively expanding their influence around the world through their economic and military strength and by spreading religion, mostly through the activities of Christian missionaries. These countries embraced the idea of free trade, and their militaries had become so powerful that they could impose such ideas on others. In one sense, China was relatively effective in responding to this foreign encroachment; unlike its neighbours, including present-day India, Burma (now Myanmar), Malaya (now Malaysia), Indonesia, and Vietnam, China did not become a full-fledged, formal colony of the West. In addition, Confucianism, the system of beliefs that shaped and organized China’s culture, politics, and society for centuries, was secular (that is, not based on a religion or belief in a god) and therefore was not necessarily an obstacle to science and modernity in the ways that Christianity, Islam, and Hinduism sometimes were in other parts of the world.

But in another sense, China was not effective in responding to the “modern” West with its growing industrialism, mercantilism, and military strength. Nineteenth-century China was a large, mostly land-based empire (see Map 1), administered by a c. 2,000-year-old bureaucracy and dominated by centuries old and conservative Confucian ideas of political, social, and economic management. All of these things made China, in some ways, dramatically different from the European powers of the day, and it struggled to deal effectively with their encroachment. This ineffectiveness resulted in, or at least added to, longer-term problems for China, such as unequal treaties (which will be described later), repeated foreign military invasions, massive internal rebellions, internal political fights, and social upheaval. While the first Opium War of 1839–42 did not cause the eventual collapse of China’s 5,000-year imperial dynastic system seven decades later, it did help shift the balance of power in Asia in favour of the West.

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In the decades leading up to the first Opium War, trade between China and the West took place within the confines of the Canton System, based in the southern Chinese city of Guangzhou (also referred to as Canton). An earlier version of this system had been put in place by China under the Ming Dynasty (1368–1644), and further developed by its replacement, the Qing Dynasty, also known as the Manchu Dynasty. (The Manchus were the ethnic group that ruled China during the Qing period.) In the year 1757, the Qing emperor ordered that Guangzhou/Canton would be the only Chinese port that would be opened to trade with foreigners, and that trade could take place only through licensed Chinese merchants. This effectively restricted foreign trade and subjected it to regulations imposed by the Chinese government.

For many years, Great Britain worked within this system to run a three country trade operation: It shipped Indian cotton and British silver to China, and Chinese tea and other Chinese goods to Britain (see Map 2). In the 18th and early 19th centuries, the balance of trade was heavily in China’s favour. One major reason was that British consumers had developed a strong liking for Chinese tea, as well as other goods like porcelain and silk. But Chinese consumers had no similar preference for any goods produced in Britain. Becaus

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