Examlex
What is a banker's acceptance? How are they initiated? Why are they desirable for the exporter?
Heckscher-Ohlin Model
An economic theory that proposes countries will export products that utilize their abundant and cheap factors of production and import products that require factors of production that are scarce and expensive domestically.
Comparative Advantage
The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
Increasing Returns
A situation in economics where an increase in the amount of inputs leads to a greater proportional increase in the amount of output.
Factor Endowments
The amount of land, labor, capital, and entrepreneurship that a country possesses and can exploit for manufacturing and service provision.
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