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International trade refers to the exchange of goods, services, technology, capital, and intellectual property across national boundaries. The theories of international trade have evolved over time from classical approaches emphasizing production efficiency to contemporary approaches recognizing technology, innovation, imperfect competition, and government intervention. These theories help explain why nations engage in trade, how trade patterns develop, and the factors that influence international competitiveness. The classical conceptions of international trade primarily focus on differences in production costs and resource availability. They assume perfect competition, full employment, and free trade among nations. Adam Smith's Theory of Absolute Advantage states that a country should specialize in producing goods that it can manufacture more efficiently than other countries. According to Smith, international trade benefits all participating countries because each nation specializes in products where it has absolute efficiency and imports goods produced more efficiently elsewhere. This specialization increases productivity, reduces costs, and expands consumer choice. David Ricardo's Theory of Comparative Advantage extended Smith's ideas by arguing __________ _____ ___ _______ ____ __________.
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