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availability thesis (F1)<br />The proposition that a high proportion of international trade is an exchange between goods which are only available in one or a few COUntries. ELASTICITY OF SUPPLY in one country and inelasticity of supply in another give rise to trade. Some new products are only available in some countries, partly because of the nature of their patent protection.<br /> <br /><em>Reference</em><br />Kravis, I.B. (1956) 'Availability and other influences on the commodity composition of international trade', Journal of Political Economy 64: 143-55.
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industry cluster (LO, R1)<br />A group of interlinked industries based on COMPARATIVE ADVANTAGE.
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<strong>Header</strong> – A term that comes at the beginning of the school' s scheduled academic year (SAY).
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