The Ricardian trade model explains of the home and international labor that is, wine(W) and cheese (C) assist in determining the suitable resources to be used by a country. The following initials are used to denote; aLC = labor units which are recommended for production of cheese whereas aLw = labor units to produce wine. Unit labor for foreing is by (*). Using the world relative supply to expound on the amount of cheese compared to the amount of wine which has been supplied all nations each at a relative price is denoted by RS = (QC+QC*)/(QW+QW*) whereas the vice ...
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Introduction
Comparative advantage is a fundamental principle of economics that considers a situation where a country is able to produce a certain product at a lower opportunity cost than the other country. An opportunity cost is referred to a cost incurred when doing one thing instead of another. For example, the opportunity cost of producing wine is foregoing the production of producing cheese.
Assumptions
- The Ricardian model is based on the following assumptions - Two countries and two goods are involved in the trading activities - The only factor of production is labor and the market structure is the perfect competition which brings about ...
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