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Essay / Research Paper Abstract
This 3 page paper discusses some of the foundation concepts of international trade, including comparative and absolute advantage; exchange rates; and economic effects of government actions. It also touches on the WTO. Bibliography lists 5 sources.
Page Count:
3 pages (~225 words per page)
File: KV32_HVtrdint.rtf
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Unformatted sample text from the term paper:
concerns have arisen that would not have been noticed 100 years ago. This paper briefly discusses some of the concepts and issues that surround international trade. Discussion Absolute and comparative
advantage: The terms refer to whether or not it is advantageous for a nation to trade, and why. A country is said to have an "absolute advantage" over its potential
trading partners "if it is able to produce more of a good or service with the same amount of resources" as other nations, or if it can produce the same
goods or services with fewer resources than anyone else (The principle of comparative and absolute advantage, 2010). Comparative advantage is trickier, and is most easily understood with an example. Two
roommates want to host a dinner which means they have to cook and clean. If one is a great cook and the other a fantastic housekeeper, theres no problem. But
if one is both a great cook and a great cleaner, the question arises, what can the other person contribute? The answer is found in the idea of comparative advantage:
if one person is great at both, and the other is okay at cleaning but a lousy cook, then the first person will cook and the second clean, even though
the place wont be as nice as if the first person had done both (Landsburg, 2007). In other words, if the first persons ability to cook "is much greater
than yours but her ability to clean is only a little better than yours, then you will both be better off if she cooks while you clean. That is, if
you are the less expensive cleaner, you should clean" (Landsburg, 2007). The first person has an absolute advantage in both fields, but the two have different comparative advantages; in this
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