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INTERNATIONAL TRADE - ECON 4431W Textbook: INTERNATIONAL ECONOMICS by Appleyard and Field (9th edition; McGraw Hill) 3. Define the economics terms listed below. (Your answers

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 explained with diagrams, if needed)

  1. Input-output ratio;
  2. Unit labor requirement
  3. Absolute Advantage
  4. Theory of Absolute Advantage
  5. Comparative advantage
  6. Theory of Comparative Advantage
  7. Export Condition
  8. Consumption gains from trade
  9. Production gains from Trade
  10. Offer Curves
  11. Terms of Trade
  12. Mercantilism
  13. Heckscher-Ohlin Theory of Trade
  14. Neo classical theory
  15. Production Possibilities Frontier (PPF)
  16. Community Indifference Curve (CIC)
  17. Factor Price Equalization,
  18. Rybczinski's Theorem
  19. Stolper Samuelson Theorem

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