A massive topic for this could be oil. You could talk about OPEC and the different types of technologies involved
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.
Answer:
The answer is pretty straight forward.
There are several types of accounts such as,
Savings accounts: these accounts are used to save money and have a low interest rate. can deposit and withdraw money any time.
Fixed Deposits: these deposits provide a higher interest rate yet the deposit has to remain a fixed period of time and cannot withdraw or deposit as you wish.
Current accounts: The type of accounts allows the users to do transactions in cheques and allows bank overdrafts as well. However, they don't provide an interest income.
Apart from this main 3 types, there are many other variations of these accounts that have similarities to these accounts. following is a list of them,
- Checking Accounts
- Dividend/Interest Checking Accounts
- A Money Market Account
Explanation:
In 1862, Congress passed the Pacific Railway Act, which authorized the construction of a transcontinental railroad The first such railroad was completed on May 10, 1869 Four of the five transcontinental railroads were built with assistance from the federal government through land grants.
The Rosetta Stone is one of the most important objects in the British Museum as it holds the key to understanding Egyptian hieroglyphs—a script made up of small pictures that was used originally in ancient Egypt for religious texts.
