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The Greek philosopher Empedocles recognized that plant life preceded animal life. Xenophanes (570-470 B.C.) studied fossils in sedimentary rock and concluded that the rocks must have been under water at one time. Explain why these were important shifts in logical thinking.
Balance Of Trade
The difference in value between a country's imports and exports over a period of time.
Balance Of Payments
A financial statement summarizing a country's transactions with the rest of the world, including exports, imports, and capital flows, over a specified period.
Rate Of Exchange
The value of one currency for the purpose of conversion to another; it's how much of one currency can be exchanged for another currency.
British Pounds
The official currency of the United Kingdom, a major global currency used for various transactions and reserves.
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