Final answer:
Economic indicators used to assess growth from the 1600s to present day include GDP and productivity rates, both having withstood the test of time. NAFTA was a trade agreement among the US, Canada, and Mexico which was replaced by USMCA in 2020. The Navigation Act of 1651 was legislation to control trade within the British Empire.
Step-by-step explanation:
Indicators of Economic Growth
To identify the growth of economic systems in the 1600s and present day, we look at basic indicators of economic performance which include GDP, productivity measures, trade balance, and technological advancements. Common indicators between the 1600s and today include GDP or gross domestic product, trade volumes, and productivity rates. Despite changes in the complexity and available data, these indicators of economic performance remain relevant across centuries.
What is NAFTA?
The North American Free Trade Agreement (NAFTA) was a treaty entered into by the United States, Canada, and Mexico; it aimed to eliminate barriers to trade and investment between the North American countries. NAFTA was replaced by the United States-Mexico-Canada Agreement (USMCA) on July 1, 2020.
The Navigation Act of 1651
The Navigation Act of 1651 was legislation enacted by the English Parliament that aimed to tighten control over trade within the British Empire. It was part of a series of laws that restricted the use of foreign shipping for trade between England and its colonies.
Economic Indicators in the 1600s and Today
During the 1600s, measures like the volume of trade, the wealth from colonization, and mercantilist policies were indicative of economic growth. Today, we use more sophisticated tools like GDP, unemployment rates, inflation rates, and the Consumer Price Index to understand economic performance. The similarity lies in the fundamental desire to gauge economic health and growth by looking at outputs, trade, and productivity.