global/international trading

It was introduced by the Mesopotamia, then adopted by the Phoenicians who battered their goods to people in other cities located across the oceans.

It refers to as firm-based or company-based.

• The modern mid-twentieth century theories

• International Trade Theories

• Classical Country-Based

• Modern-Based

It was the second phase of capitalism in which industries/factories became the dominant factor in the production of goods.

He published Wealth of Nations (1776) and David Ricardo published Principles of Economics (1951).

It is the separation of a work process into a number of tasks, with each task performance by a separate person or group of persons to boost productivity and efficiency and enhance specialization.

It is the country's inherent ability to produce specific goods efficiently and effectively at a relatively lower marginal cost.

It is that it does not involve money and it is very simple.

It is the cost incurred in producing an additional unit of a product.

It is called classical and are from the perspective of a country, or country-based.

It refers to country's capability to produce specific goods at lower marginal cost and opportunity cost.