The Sinking of the ________ in the Fall of 1941

question 87

Short Answer

The sinking of the ________ in the fall of 1941 led Congress to arm American merchant ships.

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Definitions:

Economics

The social science concerned with the production, distribution, and consumption of goods and services, and the analysis of the choices people make to satisfy their needs.

Scarcity

The fundamental economic problem of having seemingly limitless human wants in a world with limited resources.

Government Intervention

Actions taken by a government to influence or regulate economic activities, often to correct market failures or achieve social goals.

Market Economy

An economic system where supply and demand from consumers determine the production of goods and services rather than government intervention.