Tag: international trade

Global value chains

International production, trade and investments are increasingly organised within so-called global value chains (GVCs) where the different stages of t ...
Absolute and Comparative Advantage

Absolute and Comparative Advantage

Absolute Advantage A nation has an absolute advantage if (1) it’s the only source of a particular product or (2) it can make more of a product usin ...

Why Do Nations Trade?

Why does the United States import automobiles, steel, digital phones, and apparel from other countries? Why don’t we just make them ourselves? Why do ...
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