What is meant by the term trade triangle

Reference no: EM132172660

Question: 1. What factors underlie whether specialization in production will be partial or complete on an international basis?

2. The gains from specialization and trade are discussed in terms of production gains and consumption gains. What do these terms mean?

3. What is meant by the term trade triangle?

4. With a given level of world resources, international trade may bring about an increase in total world output. Explain.

Reference no: EM132172660

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