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What Were Some of the Elements That the Western Hemisphere

question 59

Essay

What were some of the elements that the Western Hemisphere lacked that would have made state building quicker and more complete? Why?


Definitions:

Domestic Supply

The total amount of goods and services produced within a country that is available for purchase.

Domestic Demand

The total demand for goods and services within a country's borders, excluding exports and including imports.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its trading partners.

World Price

The global market price of a commodity, determined by international supply and demand.

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