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International Trade Analysis
The key concepts: what you need to know and (more importantly) why
Absolute Advantage & Comparative Advantage
A rabbi and a priest are in a field of strawberries dotted with tall apple trees. In order to meet their Maker, they must thoroughly harvest their hectare. The priest is 7 feet tall; the...
Finding the products that your country should produce is the first task, selling them on the international market is the next. This would be easy if every nation used the same currency—but they...
For many years, countries made the process of currency exchange simple by agreeing to fixed rates of exchange. Toward the end of World War II, Allied leaders met at Bretton Woods, New Hampshire to...
Flexible Exchange Rates
This is not about group yoga.Instead, in the years that followed the collapse of Bretton Woods, nations shifted from fixed exchange rates to flexible exchange rates. Their currencies were no longe...
Tariffs, Embargoes, Quotas & Policy
Maintaining a stable and attractive currency is just one policy objective of governments in the area of foreign trade. Most nations adopt measures aimed at preserving a trade surplus and a positive...
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