MACROECONOMICS

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Across
  1. 1. The first reason for trade among countries is Distribution, the second one is ... and Labor Specialization
  2. 3. The Father of Economics
  3. 5. In the classic Ricardian model of international trade, countries specialize based on differences in technology. In contrast, the ... model suggests that factor endowments (not technology) explain comparative advantage.
  4. 6. Countries involve in international ... to get what they do not have
  5. 9. Not all countries can produce all types of products with the same ...
  6. 10. Natural and raw material resources are distributed ... among countries.
Down
  1. 2. ... advantage is the ability of a country (or entity) to produce a good or service at a lower opportunity cost than another country.
  2. 4. If one product is produced cheaply in one .. , the second product can be produced cheaply in another ...
  3. 7. Exchange of ... which accounts for 40% of all international trade
  4. 8. “States and firms ought to produce only the goods which they have the ability to produce at a more efficient rate than their competitors." Theory by Adam Smith