Answer:
1. Anxiety
2. Alienation
3. Distrust
4. Social Dominance Orientation
5. Impotence
6. Frustration
In the second half of the 17th century, there was industrialization in the European continent. In the first half of the 18th century, there was increase in the number of people who were involved in making goods to send to distant market.
<u>Explanation:</u>
During the time of the seventeenth century, in the second half of the century, there was a lot of development going on in the European continent. It was the time of the industrial revolution in the continent leading to a lot of trade and the time of mass production especially of the consumer goods. It also increased the employment opportunities.
In the first half of the eighteenth century, there was increase in the number of people who were involved in the production of the goods who were involved in the production of the goods which were to be sent to the distant markets. This increased the trade further of the region.
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.
Technological advancements, such as the beginning of the space race and things of that sort.
