Describe Instinct Theory

question 66

Essay

Describe instinct theory.Briefly elaborate on one of the major criticisms of this theory.

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Definitions:

Merchandise Trade Deficits

A situation where a country's value of imports of physical goods exceeds the value of its exports.

Protection

In economics, referring to measures like tariffs and quotas that a country uses to shield its domestic industries from foreign competition.

Sentiment

Refers to the general feeling or opinion of individuals or the public about a particular topic, which can influence economic decisions and market trends.

Balance of Trade

The difference between the value of our imports and our exports.