Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. economics
  3. one of the principles of economics “trade ca

One of the Principles of economics “Trade Can Make Everyone Better Off.” Based on your understanding...

50.1K

Verified Solution

Question

Economics

One of the Principles of economics “Trade Can Make EveryoneBetter Off.” Based on your understanding of this principle, first,explain the fundamental principles of the trade between the twocountries. Today we can see that some countries started to imposesome restrictions on the flow of goods and services, do you thinkthese practices contradict the principle? Why?

I need the answer minimum of 500 wordsplease.

Answer & Explanation Solved by verified expert
3.7 Ratings (463 Votes)
International trade deals with the exchange of goods and services between the inhabitants of two countries in order to meet their needs of scarce goods The fundamental principle of trade is based on the concept of comparative advantage which include two inputs which are labor and capital Comparative advantage implies producing a good at a lower cost than anyone else Again the theory of comparative advantage is based on the concept of opportunity cost A country which can produce a good at a    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Let f: Q8 to D8 be a homomorphism from the quaternion Q8 to the dihedral group...

Advance Math
Q

Please give an overview as to how the fear system works from the following perspectives: How can...

Biology
Q

Explain the general functions of the digestive system. Describe how the products of carbohydrate, protein, and fat digestion...

Medical Sciences
Q

PROOF; COMPLEX ANALYSIS Show that the sequence {z_n} = {z_1, z_2, ...} is said to converge to...

Advance Math
Q

For the data below construct a frequency distribution using five classes Describe th shape of...

Statistics
Q

Of all the numbers whose sum is 32, find the two that have the maximum...

Calculus
Q

Pearl Products Limited of Shenzhen, China, manufactures and...

Accounting
Q

Dividends Per Share Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows:...

Accounting
Q

Exercise 9-15 (Algo) Flexible Budgets and Revenue and Spending Variances [LO9-1, LO9-2] Via Gelato is...

Accounting
Q

. Pretty Big Company is preparing financial statements for the year ended 29 February 2024....

Accounting
Q

Portions of the financial statements for Just In Case Technologies are provided below. JUST IN...

Accounting
Q

With Activity Based Costing (ABC) activities that are identified in production processes are a. Inclusive...

Finance