Absolute Advantage Concept It’s said that a country has an absolute in the production of a certain good if it’s more efficient in the production of that same good, this is if it can produce bigger quantity for each factor unit of the production used. However, according to the Comparative Advantage Law, developed by David […]
Adam Smith Biography Considered the father of modern economy, Adam Smith was born in Scotland, probably in 1723, having deceased in 1790. His book “The Wealth of Nations”, edited in 1776, was and continues to be a book of reference for all economists. Before this book, in 1759, Adam Smith had already published the book […]
BRICS – Brazil, Russia, India, China and South Africa are a set of five countries that have stood out on the world stage for the rapid growth of their developing economies.