Why Did Europe Become the Engine for Rapid Global Change

question 38

Essay

Why did Europe become the engine for rapid global change in the seventeenth and eighteenth centuries rather than China or some other non-Western society? What colonies did the British and French establish in the Americas, and how did their methods of administering their colonies differ?

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Definitions:

Substitution Effect

A concept in economics where an increase in the price of a good leads to consumers replacing it with a cheaper alternative.

Consumer Behavior

The examination of how individuals, groups, or organizations choose, acquire, consume, and discard products, services, experiences, or ideas in order to fulfill their needs, and how these activities affect both the consumer and the broader community.

Price Skimming Strategy

A pricing approach where a firm charges the highest initial price customers will pay and then lowers it over time.

Penetration Strategy

A marketing approach aimed at increasing market share for a product or service by entering the market with a low price.