Chapter 1: Evolution of International Trade

The Standard Theory of International Trade is how economists explain the pattern of international trade in goods and services.

Free trade advocates for no restrictions on trade, while mercantilism believes in accumulating wealth through a positive balance of trade.

Absolute advantage is when a country can produce a good using fewer resources, while comparative advantage is when a country can produce a good at a lower opportunity cost.

<p>International trade started with barter where goods were exchanged for other goods without a common medium of exchange. Over time, the development of money facilitated trade, leading to the complex global trade networks we have today.</p> Signup and view all the answers

<p>To open trade for the benefit of all.</p> Signup and view all the answers

<p>Geneva, Switzerland.</p> Signup and view all the answers

<p>It settles trade disputes between its members.</p> Signup and view all the answers

<p>Each council, committee, or working party elects its own chairperson.</p> Signup and view all the answers

<p>Re-joining the Paris climate agreement.</p> Signup and view all the answers

<p>Ngozi Okonjo-Iweala.</p> Signup and view all the answers