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In this paper, you are required to provide a report explaining the difference between absolute and comparative advantage and the significance of this difference in the volume of International trade and the terms factor intensity and factor endowment. Furthermore, explain how and why non-tariff barriers are used. And finally, answer why do countries enter into preferential agreements with other countries and how does this practice affect international trade. Support your report with the required examples.
Instructions
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.
