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THE PRINCIPLE OF COMPARATIVE COST
SOME APPLICATIONS OF THE THEORY OF INTER
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abroad absolute advantage advantage agreement American amount Argentina balance of trade bank bill of lading bushel of wheat capital cargo carrier cent chapter commercial commission house comparative advantage competition consumers cost decline demand desired dollars domestic trade drawee drawer duty economic effect employed England excess of exports exchange rate export house exports and imports fact factors favorable favored nation finance foreign buyer foreign market foreign trade freight function funds Germany gold income increased industry interest international trade Japan latter letter of credit liner lines loans loss manufacturer marine insurance ment merchandise merchant method middlemen obtain ocean operation payment ports possible pounds sterling principle profitable purchasing power railroad relatively result risk risk function sell seller shipment shipper sumers supply tariff tion tramp vessels transaction transportation United wages yards of cloth