Critically discuss the main drivers of trade amongst countries together with theoretical models associated with each of them.
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Expert's answer
2021-09-08T09:34:04-0400
Country similarity- countries have the same objective of having a trade surplus and avoiding a trade deficit by ensuring that the value of exports is greater than the value of imports. Based on classical trade theory.
Absolute advantage- focus is on the ability of a country to produce a good more efficiently than another nation. Based on country based trade theory.
Comparative advantage- when a country cannot produce a good more efficiently than the other countries, however, it can produce that product better and more efficiently than it does other goods. Based on classical trade theory.
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