What Development Marked the Expansion of the Slave Trade from West

question 9

Multiple Choice

What development marked the expansion of the slave trade from West Africa?

• A) The construction of bigger ships with more spacious cargo areas
• B) The construction of Elmina Castle
• C) The influx of funds from the Dutch
• D) The discovery of the Far East

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Definitions:

Economic Profits

The financial difference between what a business earns in total revenue and what it spends, considering both explicit and indirect costs.

Implicit Costs

The opportunity costs involved in using resources that a firm already owns, for which it does not make a direct payment.

Accounting Profits

The total revenue of a business minus the explicit costs associated with producing goods or services, not accounting for implicit costs.

Economic Profits

The variance between a company's overall earnings and the sum of its explicit and implicit expenditures.