Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Business Environment and International Business Socio-cultural factors and their influence on business Theories of international trade
According to Paul Krugman's New Trade Theory, trade between countries can be driven by:
1
Comparative advantage in specific industries.
2
Differences in factor endowments.
3
Economies of scale, creating monopolistic competition in certain industries.
4
Strict government regulations promoting domestic industries.