They devised a new economic policy to ensure the profitability of the colonies as Europeans expanded their market reach into the colonial sphere. European perceptions of wealth from the 1500s to the late 1700s were shaped by the philosophy of mercantilism. Mercantilism held that there was only a limited amount of wealth in the world, as measured in gold and silver bullions. Nations had to amass wealth in order to gain power by mining these precious raw materials from their colonial possessions. Mercantilists did not believe in free trade, arguing instead that to create wealth and improve state power, the nation should control trade. Colonies existed to strengthen the colonizing nation in this view.
The correct answer is individual preferences and tastes of buyers.
When there is increase in demand also the demand curve shifts. If there is a change in factor apart from price then the whole of demand curve shifts.
The income of consumers determines the demand of the commodity. Also prices which are related to goods and also preferences and tastes of the customer.
Demand for automobiles can be elastic where there can be delay in buying a new vehicle.
Due to many substitutes the model for automobile can be highly elastic.
James Stephen "Big Jim" Hogg (March 24, 1851 – March 3, 1906) was an American lawyer and statesman, and the 20th Governor of Texas. He was born near Rusk, Texas. Hogg was a follower of the conservative New South Creed which became popular following the U.S. Civil War, and was also associated with populism.
