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Why is it that North-South trade in manufactures seems to be consistent with the results or expectations generated by the factor-proportions theory of international trade, whereas North-North trade is not?
Economic Rent
The extra income earned by a resource over and above its opportunity cost, often due to natural advantages or market conditions.
Inelastic Demand Curve
Represents a situation where the demand for a product changes by a smaller percentage than changes in its price, indicating consumers' insensitivity to price changes.
Perfectly Elastic
A situation where the demand or supply for a product is infinitely responsive to changes in price, shown as a horizontal line on a graph.
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