They made the majority of their money through agriculture.
The storage of food and water first and foremost, as both spoiled on ships of the period. Secondly, one would worry about getting lost. No GPS and no actual way to tell where you are if a wind or storm blew you slightly off course. Imagine how impossible it would be for a ship to travel in a perfectly straight line whilst traveling the entire span of the Atlantic, Pacific, or even smaller bodies of water such as the Mediterranean.
Answer:
A firm in monopolistic competition does not take full advantage of its economies of scale because it's the only oferent of a good. A firm in perfect competition produces at the lowest average cost possible.
Explanation:
Differentiating the terms “location” and “place” is a bit difficult to state in words, most especially that the two have been used interchangeably by many. This comes as no surprise since most resources define “location” as “a type of place” while some definitions of “place” appear to be a type of locality, which is still very related to the term “location.” Nevertheless, the two must be understood as two different concepts.<span>
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