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International Trade Theory by Mind Map: International Trade Theory
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International Trade Theory

Free Trade: The absence of government-imposed barriers, such as quotas, or duties, that impede the free flow of goods and services between countries

Benefits: Gains from trade when a country specializes in the manufacturing and export of products that have low-opporunity costs and import products that have high-opportunity costs

Weaknesses: Importing products in certain industries from other countries takes away job opportunities for the home country

Trade Theory

New Trade Theory

Mercantilism

Adam Smith's Theory of Absolute Advantage

David Ricardo's Theory of Comparative Advantage

Raymond Vernon's Product-Life Cycle Theory

Heckscher-Ohlin Theory

Porter's Diamond of National Competitive Advantage