Create allies and that’s it
Answer:
Absolute advantage: The ability to produce more cheaply.
Comparative advantage: The existence of lower opportunity costs than competitors.
Specialization: The performance of a particular task within an economic system.
Protectionism: The existence of barriers to free-flowing trade.
Explanation:
The four terms that are defined above have to do with trade and the economic theories behind the different trade policies that countries employ. Protectionism is employed when countries want to avoid trade with outside countries and to lower competition with outside countries. Therefore, a country may impose tariffs that make importing goods very expensive. A country will have an absolute advantage in a product if they can make it much cheaper than another country. For example, timber products in Canada will cost less because they have an abundance of forests compared to other countries. A country may have an absolute advantage in one industry but that still may not be its comparative advantage. The country will have to weigh the trading opportunity costs are. Say that one country has no farmland but it has lots of oil. The other country has farmland and oil, but is willing to forgo trading oil in order to trade food for oil with the other country because the opportunity costs for forgoing oil are lower. Now the second country has a comparative advantage in food and the first country has a comparative advantage in oil. David Ricardo believed that comparative advantage would lead to specialization as in countries would specialize in the products they have a comparative advantage in.
The right answer for the question that is being asked and shown above is that: "The 13th Amendment reverses Lincoln's proclamation, guaranteeing freedom to all people." the relationship between Lincoln's proclamation and the 13th Amendment is that <span>The 13th Amendment reverses Lincoln's proclamation, guaranteeing freedom to all people.</span>
It should be noted that Senator Morrill's comments are recommending a "laissez-faire" approach to industrial production.
<h3>How did Laissez Faire related to Industrial Revolution politically? </h3>
Laissez Faire can be see to have effect on the Industrial Revolution by taking power from the government even the allowance to interfere in the businesses is not given.
More also, Laissez-faire which is been referred to as the policy of minimum governmental interference that is been seen in the economic affairs of individuals as well as the society.
In conclusion, the doctrine of laissez-faire can be seen to be associated with the economists Physiocrats, from France from year 1778,therefore, It should be noted that Senator Morrill's comments are recommending a "laissez-faire" approach to industrial production.
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Because the treaties were not true, after the signing of the treaty of verse there was the assertion of Nazism. The treaties were not really taken seriously as they should, they were just a way for some countries to come out of war and others to gain from it.
