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In this paper, you are required to explain the difference between absolute and comparative advantage and explain the importance of this difference in the volume of international trade. Explain non-tariff barriers and its use. Furthermore, provide the information on why do countries enter into preferential agreements and how does this affect international trade. As well as, elaborate the terms factor intensity and factor endowment with specific examples.
1. Explain the difference between absolute and comparative advantage and the importance of this difference in the volume of international trade that takes place. Give examples 2. Explain the terms factor intensity and factor endowment and give specific examples. 3. Give examples of non tariff barriers to trade and explain why and how they are used 4. Why do countries enter into preferential agreements with other countries? How does this practice affect international trade? Give examples.