How Is the Internet of Things Different from the World-Wide

question 66

Essay

How is the Internet of Things different from the world-wide web?

---

Definitions:

Factor Endowments

The various productive resources (land, labor, capital, and technology) a country possesses, influencing its economic development and trade patterns.

Tariff

A tax imposed by a government on goods and services imported from other countries to protect domestic industries or to generate revenue.

Smoot-Hawley Tariff

The U.S. tariff law of the 1930s, which set the highest tariffs in U.S. history (60 percent). It set off an international trade war and caused the decline in trade that is often considered one of the causes of the worldwide depression of the 1930s.

Export Subsidy

A governmental financial support for companies exporting products, designed to encourage exports by making them price competitive in global markets.