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Explain the Static Effects and Dynamic Effects of Economic Integration

question 14

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Explain the static effects and dynamic effects of economic integration.What is the difference between trade creation and trade diversion resulting from economic integration?


Definitions:

Lanugo

The fine, soft hair that covers the body and limbs of a human fetus, which is usually shed before birth and replaced by vellus hair.

Bone Marrow

A flexible tissue found in the interior cavities of bones that is a major site of blood cell production.

Corpora Cavernosa

Two parallel chambers of spongy tissue in the penis or clitoris that fill with blood during sexual arousal, leading to erection.

Corpus Spongiosum

A spongy tissue surrounding the urethra that becomes engorged with blood during an erection, preventing the urethra from pinching closed.

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