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Chapter 4

Chapter 4. Resources, Comparative Advantage, and Income Distribution. Outline. 1 .A Model of Two-Factor Economy 2 .Effects of International Trade Between Two-Factor Economies Case Study: North South Trade and Income Inequality 3 .The Political Economy of Trade: A Preliminary View

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Classical Theories of International Trade

International Economics. Chapter 1. Classical Theories of International Trade. Chapter 1 Classical Theories of International Trade. 1.1 Mercantilism 1.2 Trade Based on Absolute Advantage: Adam Smith 1.3 Trade Based on Comparative Advantage: David Ricardo

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Industrial Revolution

Industrial Revolution. Britain Leads the Way Chapter 5, Section 2. Focus Question. What key factors allowed Britain to lead the way in the Industrial Revolution?. Why did Britain become the First Country to Industrialize?. Plentiful natural resources

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