Instructions: _∙ Identify Each Item. Give an Explanation or Description of of the Item

question 79

Essay

Instructions:
_∙ Identify each item. Give an explanation or description of the item. Answer the questions who, what, where, and when.
Explain the historical significance of each item. Establish the historical context in which the
_∙ item exists. Establish the item as the result of or as the cause of other factors existing in the society under study. Answer this question: What were the political, social, economic,
and/or cultural consequences of this item?
-the California Gold Rush

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Definitions:

World-Market Price

The internationally agreed-upon price of a commodity, product, or service, influenced by global supply and demand.

International Trade

The trading of goods and services across national borders.

Quantity Supplied

The total amount of a specific good or service that is available to consumers at a current price.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than others, which can lead to beneficial trade.