theory of international trade

theory of international trade

the body of theory concerned with the determinants of, and the gains to be obtained from, INTERNATIONAL TRADE and SPECIALIZATION. The theory examines the way in which differences between countries in terms of supply costs and demand structures affect the level, product and area composition of international trade, and the level and distribution of the GAINS FROM TRADE. See COMPARATIVE ADVANTAGE, HECKSCHER-OHLIN FACTOR PROPORTIONS THEORY, PREFERENCE SIMILARITY THEORY, PRODUCT LIFE CYCLE THEORY, TECHNOLOGICAL GAP THEORY, EDGEWORTH BOX.
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