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International Trade
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International trade is becoming increasingly important because of the greater integration of the world business model. With many nations trading with each other, one needs to understand some of the reasons why countries trade with each other. Adam Smith and David Ricardo are some of the pioneers in the international trade arena, with Adam Smith introducing the idea of Absolute Advantage and David Ricardo introducing the idea of Comparative Advantage. We will also look at trade balances and how they fit into the economy. Some Helpful Sites: http://www.exchangerate.com/country.html?cid=192 |
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