explain heakscher ohlin theory
Answers
The Heckscher - Ohlin model is a theory in economics that proposes that countries export what they can most efficiently and plentifully produce. Also referred to as the H-O model or 2x2x2 model, it's used to evaluate trade and, more specifically, the equilibrium of trade between two countries that have varying specialties and natural resources.
The model emphasizes the exportation of goods requiring factors of production that a country has in abundance. It also emphasizes the importation of goods that a nation cannot produce as efficiently. It takes the position that countries should ideally export materials and resources of which they have an excess, while proportionately importing those resources they need.
The Heckscher-Ohlin model is a theory in economics that proposes that countries export what they can most efficiently and plentifully produce. Also referred to as the H-O model or 2x2x2 model, it's used to evaluate trade and, more specifically, the equilibrium of trade between two countries that have varying specialties and natural resources
The model emphasizes the exportation of goods requiring factors of production that a country has in abundance. It also emphasizes the importation of goods that a nation cannot produce as efficiently. It takes the position that countries should ideally export materials and resources of which they have an excess, while proportionately importing those resources they need.
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