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What is International Trade Theories Explained about?
This document discusses international trade theories including: 1. Absolute and comparative advantage theories which state that countries will specialize in goods they have an absolute or comparative lower opportunity cost of production. 2. The Ricardian model which argues technological differences determine comparative advantage. Even countries without absolute advantage can gain from trade. 3. The Hecksher-Ohlin model which predicts that countries will export goods that intensively use their abundant
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