What Is A Trade Off You Face In Your Daily Life? In economics, a trade-off is defined as an “opportunity cost.” For example, you might take a day off work to go to a concert, gaining the opportunity of seeing your favorite band, while losing a day’s wages as the cost for that opportunity. What
What Is A Trade Economy Called? A trading nation (also known as a trade-dependent economy, or an export-oriented economy) is a country where international trade makes up a large percentage of its economy. What is a trader economics? Trade is a basic economic concept involving the buying and selling of goods and services, with compensation
What Is Mercantilism What Are Its Features? Mercantilism is an economic policy whereby a nation aims to maximize exports and minimize the imports. Originally adopted by European nations between 1500 and 1800, mercantilist nations implemented policies such as tariffs and subsidies in order to boost exports and make international imports more expensive. What is mercantilism