Question

British economist David Ricardo argued that states should trade based on their _____, whereby each state produces and exports those products that it can produce most efficiently relative to other states.

Answer 1

British economist David Ricardo argued that states should trade based on their comparative advantage, whereby each state produces and exports those products that it can produce most efficiently relative to other states.

Along with Robert Malthus, Adam Smith, James Mill, and other notable classical economists, David Ricardo was a British political economist. He was also a politician and a member of the British and Irish Parliament.

According to Ricardo's renowned comparative advantage theory, countries can benefit from a trade advantage by concentrating on producing items that have the lowest opportunity costs when compared to those of other countries.

Learn more about comparative advantage theory here brainly.com/question/14280090

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