Evolution of International Trade Theories

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12 Questions

Salt was the most popular and valuable item used as a salary of roman ______

The advantage of Bartering is that it does not involve ______ and it is very simple

Early humans used leaves and animal skin as ______

The first recognizable metal coins appeared in ______, during 1000 BC

Around 770 BC, Small Bronze celts and Bronze rings played a ______ role

European colonial Government issued the First paper currency in ______

Adam Smith published Wealth of Nations in ______

David Ricardo published Principles of Economics in ______

The classical theories of international trade are historical ______-based theories

The modern mid-twentieth century theories are referred to as ______-based or company-based

Trade surplus is the amount by which the value of a country's exports exceeds the cost of its ______

Comparative advantage is a country's capability to produce specific goods at lower ______ cost

Description

Explore the historical evolution of international trade theories, from classical country-based theories to modern firm-based theories. Learn about key takeaways from influential economists like Adam Smith and David Ricardo.

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