I’m not entirely sure but I think that the higher a person’s economic class was (wealthier and had a higher social status) the more privileges they were given. They would be treated with more respect and people would be more likely to listen to them.
- Country A produces a certain good in abundance and sells it at a cheaper rate to other countries - comparative advantage.
- Country B produces a good with a lower opportunity cost than another good - specialization in trade.
- Country A has superior resources to produce a good more efficiently - absolute advantage.
- Countries A and B have a free flow of labor across their borders - assumption in trade.
<h3>
What is Trade?</h3>
This is defined as the buying and selling of goods and services in which the seller is compensated by the buyer.
The trade terminologies and their appropriate descriptions can be seen written above.
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