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This document discusses international trade. It defines exports and imports and identifies reasons why countries trade, including differences in factor endowments, factor proportions, tastes, and economies of scale. It also covers the theories of absolute advantage and comparative advantage. Absolute advantage refers to when a country can produce a good at a lower absolute cost, while comparative advantage refers to when a country can produce a good at a lower opportunity cost than trading partners. Gains f

Author

Mike Viet Hoa Nguyen

Language

EN