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- Under what conditions does comparative advantage lead to gains from trade?During the last 20 to 30 years, there have been a number of countries whose economies have experienced important economic expansion and development. One group of countries has been labeled the BRIC countries and the other the VISTA countries. Identify each of the nine countries and provide some insights about their economies and economic importance. The theories of absolute and comparative advantage have been offered as an economic rationale for trade between and among regions and countries. Compare and contrast the two concepts. Which of the two do you think is more important for explaining the growth in global trade during the last 25 years? Why”Comparative and absolute advantage
- The concept of _________ __________ was introduced by economist David Ricardo, and it posits that, because each state differs in its ability to produce specific products, each state should produce and export that which it can produce most efficiently and import goods that other states can produce more efficiently.Describe three different kinds of economic systems.What are 5 techniques to employ comparative advantage?