Using Map (In the Textbook) 14

question 16

Essay

Using Map (in the textbook) 14.2, explain who had the most significant sea trade, and with whom. How did the connection to the Eastern world affect the kind of material goods available for commerce, and ultimately influence the Renaissance?

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Definitions:

Few Sellers

A market condition where only a small number of companies offer a product or service, potentially leading to oligopolistic competition.

Identical Products

Goods that are exactly the same in every feature, allowing them to be perfect substitutes for one another in the market.

Oligopoly

A market structure where a few firms dominate the market, resulting in minimal competition and a large share of the market controlled by these firms.

Imperfect Competition

A market structure where the conditions of perfect competition are not met, characterized by a heterogeneous product or a limited number of sellers.