Identify and State the Historical Significance of the Following

question 15

Short Answer

Identify and state the historical significance of the following:
-Marco Polo

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Definitions:

Exchange Rate

The price of one country's currency in terms of another currency, determining how much foreign currency can be obtained with a certain amount of domestic currency.

Quota

A quota is a government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specific time period.

Foreign-Currency Exchange

The process of exchanging one country's currency for another's, often determined by market rates.

Budget Deficit

The situation in which a government's expenditures exceed its revenue, resulting in the need to borrow money or increase taxes.