What theories are categorized as firm-based theories? Which theories are categorized as country-based trade theories? What does each type of theory help explain?
What will be an ideal response?
Country similarity theory, product life cycle, and new trade theories are all firm-based theories. Mercantilism, absolute advantage, comparative advantage, and relative factor endowments are all country-based theories. Firms-based theories help explain trade in differentiated products. Country-based theories help explain trade in undifferentiated goods such as wheat, sugar, and steel.
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