Name the Three Countries That Dominate World Trade

question 246

Essay

Name the three countries that dominate world trade. Which is the largest exporter? Which is the largest importer?

---

Definitions:

Status Quo Bias

The tendency for people to prefer things to stay the same by doing nothing or sticking with a decision made previously.

Prospect Theory

A psychological theory that describes how people make decisions based on the potential value of losses and gains rather than the final outcome.

Endowment Effect

A psychological phenomenon where people ascribe more value to things merely because they own them.

Prospect Theory

A behavioral economic theory that describes how people make decisions under conditions of risk and uncertainty, prioritizing losses differently from gains.