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Shipping Industry

Definition

The shipping industry refers to the global business of transporting goods and people via waterways. It includes activities such as shipbuilding, navigation, ports, and logistics.

Analogy

Think of the shipping industry like a giant conveyor belt that moves products from one part of the world to another. Just like how Amazon delivers your online purchases right to your doorstep, the shipping industry delivers goods between countries.

Related terms

Maritime Trade: This is the exchange of goods or commodities by sea. It's like swapping lunch items in a school cafeteria but on a much larger scale - between nations!

Mercantilism: An economic theory prevalent in Europe during 16th-18th centuries that promotes governmental regulation of a nation's economy for augmenting state power at the expense of rival national powers. Imagine if your school team strategized to win all games not just by improving their skills but also by ensuring other teams perform poorly.

Navigation Acts: These were laws passed by British Parliament to regulate colonial trade and enable England to collect duties (taxes). If you think about it, it's kind of like when parents set rules about who their kids can hang out with after school.