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11. Free Trade & Protection
Economics
9 Pages • Topic Notes • Year: Pre-2021
The Rationale for World Trade The countries of the world are endowed with various resources. This resource endowment means that certain countries will always have an advantage in the production of certain goods. We can think of countries that are famous for the production of certain products. Brazil is famous for the production of coffee and Ceylon is famous for the production of tea. South Africa has always been the world’s largest producer of gold and the Middle East is the largest oil producer. When a country has an advantage in the production of a good because of its resource endowment it is said to have an absolute advantage.
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