INTERNATIONAL TRADE - ECON 4431W

Textbook: INTERNATIONAL ECONOMICS by Appleyard and Field (9th edition; McGraw Hill)

3.

Define the economics terms listed below. (Your answers should be concepts and trade theories explainedwith diagrams, if needed)

1. Specialization

2. Terms of Trade (TOT)

3. Offer Curve

4. Relative Wage Ratio

5. Export Condition

6. Theory of Absolute Advantage

7. "Large" country

8. Input-Output ratio

9. Community Indifference Curve

10. Trade Triangle