GATE (Graduate Aptitude Test in Engineering) Economics (XH-C1) International Economics-Theories of International Trade Study Material (Page 1 of 3)

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International Trade

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International Trade

  • International Trade involves buying and selling of goods and services across international borders.
  • Selling of goods and services that are domestically produced to buyers abroad are called exports.
  • Buying of goods and services from other countries for domestic use are called imports

Gains from Trade

  • Benefit of trade – increase in domestic production and consumption as a result of specialization.
  • A country specializes in a range of goods and services which it can produce at a lower…

… (587 more words, 10 figures, 1 table) …

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Heckscher Ohlin Theory: Theories of International Trade, Assumptions of the Model, Explanation of the Model

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Heckscher Ohlin Theory

According to the theory, countries which are labour rich will export labour intensive goods and capital rich will export capital intensive goods.

Assumptions of the Model

  • A two-commodity, two-country and two factors case is taken into account. Labour and capital are the two factors considered. The model can be extended to multi-commodity and mu…

… (645 more words, 26 figures) …

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