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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)
- Input-output ratio;
- Unit labor requirement
- Absolute Advantage
- Theory of Absolute Advantage
- Comparative advantage
- Theory of Comparative Advantage
- Export Condition
- Consumption gains from trade
- Production gains from Trade
- Offer Curves
- Terms of Trade
- Mercantilism
- Heckscher-Ohlin Theory of Trade
- Neo classical theory
- Production Possibilities Frontier (PPF)
- Community Indifference Curve (CIC)
- Factor Price Equalization,
- Rybczinski's Theorem
- Stolper Samuelson Theorem
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