Select all that apply.

Identify reasons that the Ottoman Empire lost its status as a world power.

It became technologically inferior to other nations.
Mongols invaded the empire.
It lost much of its trade due to seafaring innovations.
Disease and famine killed many of its people.

It became technologically inferior to other nations, It lost much of its trade due to seafaring innovations.

Explanation:  their control of trade was to change rather quickly, with the Age of Exploration and the discovery of ocean routes to the East.   An added problem, partially caused by the lack of resources, was that the Ottomans were not able to keep up with advances in military technology. Because the Ottomans were so technologically inferior to the rest of the world, they could not protect the lands of the empire, and they began losing much of their territory.

Trust me I'm correct     (Explanation copied  from my textbook))

They lost important trade routes due to the western seafaring innovations

Explanation:

The loss of important trade routes through the Middle East hurt Ottoman economics to the point they had to debase their currency and set about a lot of corruption that would bring about the collapse of the Ottoman Empire.

The economy runs better without governmental involvement.

Explanation:

In the Wealth of Nations, Adam Smith lays out a very robust theory about how the economy works, this is why many economists consider him to be the Father of the economic science.

Adam Smith's main thesis was that people, acting own their own interest, were guided by the invisible hand, leading to positive results that benefited the whole of society, even if that was not the main goal of economic actors in first place (their main goal being furthering their own interests).

For this reason, Smith thought that most government intervention was unecessary, since according to him, economic actors tended to self regulate in the market, and to produce an optimal result for society. He did justify some government intervention though: in the military, in the judicial system, and in some basic social services in order to care for the poor, the elderly, and the sick.