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When more goods are exported than imported the trade balance is said to be?
favorable
What does a tariff do to imported and exported goods?
A tariff is a tax imposed on imported goods, which raises the cost of those products in the domestic market, making them less competitive compared to local goods. This can lead to a decrease in imports while potentially boosting domestic production. For exported goods, tariffs can make them more expensive for foreign buyers, potentially reducing demand for those exports. Overall, tariffs can shift trade dynamics by altering prices and influencing consumer and producer behavior.
What did England export during the triangular trade?
England exported slaves, rum, and (sugar) molasses.
What is a tarrif?
A tariff is a duty imposed on goods when they are moved across a political boundary. They are usually associated with protectionism, the economic policy of restraining trade between nations. For political reasons, tariffs are usually imposed on imported goods, although they may also be imposed on exported goods.
What factor was necessary to maintain a favorable balance of trade in the 1600s and 1700s?
they exported more than they imported
When more goods are exported than imported the trade balance is said to be?
favorable
How does Canada's location affect trade in North America?
Probably, the answer is that it limits how many goods can be imported or exported
What was the name for the process by which slaves were imported to the Americas to produce goods that were sent back to Europe as exports?
the triangular trade
What did Africa export during the triangular trade?
During the triangular trade, Africa primarily exported enslaved people, as well as raw materials such as gold, ivory, and spices. These goods were traded for manufactured goods like firearms, textiles, and rum from Europe.
What is an African crop exported during triangular trad?
One prominent African crop exported during the triangular trade was tobacco. Grown in various regions, particularly in West Africa, tobacco was highly sought after in Europe and the Americas. The triangular trade facilitated the exchange of tobacco for manufactured goods and enslaved people, significantly impacting the economies of the involved regions.
Difference between balance of trade and balance of payment?
Balance of Trade is the accounting of goods and service imported and exported. Balance of Payments is the accounting of money owed and loaned other nations.
What is the real difference between balance of trade and balance of payment?
Balance of Trade is the accounting of goods and service imported and exported. Balance of Payments is the accounting of money owed and loaned other nations.
Would English colonies trade?
Yes, English colonies actively engaged in trade both among themselves and with other nations. They exported raw materials, such as tobacco, sugar, and timber, to England and imported manufactured goods in return. The triangular trade route also facilitated the exchange of enslaved people, goods, and resources between Africa, the Americas, and Europe. This trade was crucial for the economic development of the colonies and their integration into the global economy.
What goods did colonial Maryland trade?
some items that Maryland imported were tea and sugar. some items Maryland exported were iron, lumber, fish, and tobacco.
What product did New Englanders export as part of the triangular trade?
New Englanders exported Tobacco as part as the triangular trade.
How do you Describe every aspect of religion of the triangular trade?
There was no religion in the triangular trade. It was a shipping of goods and slaves.
What African crop exported during the triangular trade?
African crops such as rice, sugar, and indigo were exported during the triangular trade. These crops were grown on plantations using the forced labor of enslaved Africans and were sent to Europe and the Americas to fuel the transatlantic slave trade.
