Trade Theories
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What cultural, physical, economical, financial, and political impediments might prevent the successful application of absolute advantage trade theory?
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What cultural, physical, economical, financial, and political impediments might prevent the successful application of absolute advantage trade theory?
The absolute advantage trade theory asserts that the ability of a country to produce a particular good with lower resources than another person or country. Absolute advantage refers to the ability to produce more of a given product using a specified amount of resources. This theory was proposed by Adam Smith.
There may be several cultural impediments that may prevent the application absolute advantage trade theory. For example, a country may have an abundance of labor however social status may ...
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- BSc , University of Calcutta
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