The <u> mercantilism </u>theory is based on the assumption that the wealth of the world is fixed.
It was first published as An Inquiry into the Nature and Causes of the Wealth of Nations, more generally known as The Wealth of Nations. The book was written by BY Adam Smith, a Scottish moral philosopher by profession, to explain the industrialized capitalism system.
According to mercantilism, wealth was set and limited. The only way to succeed was to stockpile gold and impose tariffs on imports.
This theory suggests that nations should sell their products to other nations while making no purchases in return. Predictably, nations entered into cycles of retaliatory tariffs that stifled global trade.
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Answer:
Explanation:
From the question above;
From the income statement;
1. debit of $37000,
2. Credit of $49000,
The income is $12000, while from the balance sheets,
1. Debit of $85000
2. Credit of $73000,
Income is -$12000,
The net income is $12000 while net loss is also -$12000
Answer:
Indian Ocean
Explanation:
the Indian Ocean is the only ocean named after a country
