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The View That Everything That Happens Is Governed by Cause

question 53

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The view that everything that happens is governed by cause and effect and follows the laws of nature, so that it must happen just as it does, is called


Definitions:

No-International-Trade Price

The price level of goods within a country in the absence of international trade, often influenced solely by domestic supply and demand.

Export Supply Curve

A graphical representation showing the relationship between the price of a good on the international market and the quantity that domestic producers are willing to export.

Import Demand Curve

A graph showing the relationship between the price of an imported good and the quantity of the good that consumers in the importing country are willing to buy.

Equilibrium World Price

The price at which the supply of a good on a global scale exactly matches the world demand for that good.

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