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What caused the decline of the Ming Empire? To what extent were foreign influences responsible?
Real Exchange Rate
An exchange rate that has been adjusted for the relative purchasing power of the two currencies, reflecting the quantity of goods and services one currency can buy in another country.
Domestic Prices
The prices of goods and services within a country's borders, influenced by local factors like production costs, taxes, and supply and demand.
Trade Deficit
A situation in which a country's imports exceed its exports, leading to more money flowing out of the country than coming in.
Net Exports
The difference between what a country sells to others and what it buys, represented by exports minus imports.
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