A)Explain Why the Heckscher-Ohlin Trade Model Needs to Be Extended

question 30

Essay

a)Explain why the Heckscher-Ohlin trade model needs to be extended.
b)Indicate in what important ways the Heckscher-Ohlin trade model can be extended.
c)Explain what is meant by differentiated products and intra-industry trade.

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Definitions:

Online Chat Systems

Digital platforms that enable real-time text-based communication between users.

Centralized Control Mechanisms

Systems or procedures designed to manage or regulate activities from a single, central point of authority.

Speed

The rate at which something moves or operates, often measured in terms of distance covered or tasks completed over a given time period.

Messaging Leanness

The degree to which a message is straightforward and devoid of unnecessary information or embellishment.