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international trade theory (F1)<br />A succession of attempts to explain why nations trade particular goods with each other. The best-known early theories are of ABS OLUTE ADVANTAGE and COMPARATIVE ADVANTAGE; later theories include the HECKSCHER OHLIN factor endowment theory. Many of these theories assume that commodities are mobile but factors of production are not.<br /><em>Reference</em><br />Jones, R.W and Kenen, P.B. (1984) Handbook of International Economics, Vol 1, Amsterdam: North-Holland.
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geographical distribution of economic activity. With its roots in MARSHALL's notion of EXTERNAL ECONOMIES and DISECONOMIES OF SCALE, as well as CENTRAL PLACE THEORY, this subject has expanded to include regional science and trade theory.
<strong>LTH</strong> – Less than half time, an enrollment status indicating the student is carrying less than a half-time academic workload, as determined by the school. Students who are less than half time are not eligible to borrow FFEL Program loans.
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