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INTERNATIONAL TRADE
Definition
It is the exchange of goods and services between one country and another. International Trade can be in goods, termed visibles or in services, termed invisibles e.g. trade in services such as tourism, shipping and insurance.
In the long run, because of the assumption of free entry and exit of the firms, it's not possible for the firms to make super-normal profits nor it is possible for them to incur lo
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Illustrate the application of economic theory to some business problems
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(Only for extra credit) Consider Freddy on a rainy Thursday afternoon after losing in his favorite video game. His friend Tommy comes over to cheer him up and offers him the follow
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Refer to above figure. Albania refused to engage in international trade for ideological reasons. To maximize its economic welfare it would choose to produce at which point in the d
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