0
international trade
Ricardo's theory on international trade focused on comparative costs and looked at how a country could gain from trade when it had relatively lower costs (i.e. a comparative advantage). The original example focused on the trade in wine and cloth between England and Portugal. Ricardo showed that if one country produced a good at a lower opportunity cost than Another Country, then it should specialise in that good. The other country would therefore specialise in the other good, and the two countries could then trade.
Still curious? Ask our experts.
Chat with our AI personalities
Coach
Devin
Maxine
Add your answer:
Earn +20 pts
Why was David Walker important?
The main reason why David Walker is important is due the fact that he was an outspoken abolitionist. He was also an anti-slavery activist.
What makes a person important in history?
if they have changed peoples lives in any way. even there ideas or beliefs. any thing that has efected anything majourly. sso most probably NOT david bhecam
What civilization was most affected by new ideas?
which civilization was most affected by new ideas
Who was the leader of settling in Portsmouth?
David Thomson.
How did David Herold die?
David Herold was executed by hanging in 1865.
What were the basic ideas of David Ricardo philosopher?
David Ricardo was an economist, not a philosopher. His key ideas included the theory of comparative advantage, which argues that countries benefit from specializing in producing goods they are best at, and the labor theory of value, which suggests that the value of a good is determined by the amount of labor required to produce it. Ricardo also contributed to the development of classical economics with his concept of diminishing returns.
The concept of 'no rent land ' is visualized by?
David Ricardo
When was David Ricardo born?
David Ricardo died on September 11, 1823 at the age of 51.
How old was David Ricardo at death?
David Ricardo died on September 11, 1823 at the age of 51.
Who is David Ricardo?
An economist.
Who was the founding father of free trade?
David Ricardo (1772-1823 )David Ricardo by some, In arguing for free trade, Ricardo formulated the idea of comparative costs, today called comparative advantage-a very subtle idea that is the main basis for most economists' belief in free trade today.Ref: Library of Economics and Liberty
What did David Ricardo invent?
The clarinet?
How old is David Ricardo?
David Ricardo was born on April 19, 1772 and died on September 11, 1823. David Ricardo would have been 51 years old at the time of death or 243 years old today.
What did David Ricardo do?
David Ricardo called England home. He was born in 1772 and died in 1823. During his life he was a political economist for his homeland.
When is Ricardo rodriguiz birthday?
Ricardo Vidal was born on February 6, 1931.
Who are the ekonomista?
adam smith, David ricardo
What did David Ricardo define economics has?
david ricardo defines economics as the fundamental argument in favor of free trade among countries and of specialization among individuals.
