Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Explain:
a) Mercantilism
b) Heckscher-Ohlin
c) National Competitive advantage
Expert Solution
Step 1
Mercantilism is an economic policy of maximizing exports which will increase country's wealth and minimize imports.
Heckscher-Ohlin is an economic model which shows how international trade operate and take place in presence of differences in the factor endowments.
National Competitive advantage is a theory given by Michael Porter which states that in the international market, the features of home country such as culture, economic structures etc. are crucial for an organization's success.
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