What was the feudal system in Japan?

What was the feudal system in Japan? Feudalism is a type of government where a weak monarchy (emperor) tries to control an area of land through agreements with wealthy landholders. The feudal period of Japanese history was a time when powerful families (daimyo) and the military power of warlords (shogun), and their warriors, the samurai […]

What is comparative advantage in international trade?

What is comparative advantage in international trade? Comparative advantage is an economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners. Comparative advantage suggests that countries will engage in trade with one another, exporting the goods that they have a relative advantage in. What is the difference […]

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