The Specific Factor Model Flashcards
1
Q
Raises real incomes of trading countries
A
Trade
2
Q
It is simply inflation-adjusted income, the amount of disposable income available to consumers
A
Real income
3
Q
The sum of value added by all the goods and services produced within a particular country
A
Gross National Income (GNI)
4
Q
Goods are produced using a mix of factors of production
A
Land
Labor
Capital
5
Q
Is any resources that is used by firms to produce goods and services.
A
Factor of production
6
Q
Was developed by David Ricardo, the first formal model of international trade
A
Ricardian model of trade
7
Q
It is one that can be used in producing different products like labor
A
Mobile Factor
8
Q
SF model is sometimes referred to as _________
A
Ricardo-Viner model
