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1. What is the difference between the concepts of absolute advantage and comparative advantage?

2. Describe the classical theories of international trade. Describe the contemporary theories of international trade. 

3. What are the specific sources of national competitive advantage? Think of a successful product and service in your country. Which of the competitive advantage sources is most relevant for each of these?

4. What are ownership-specific advantages, location-specific advantages and internationalization advantages?

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Absolute advantage in a trade theory is if an entity is absolutely more efficient in producing a particular good (or service) than any other entity (country), then that entity is said to have an absolute advantage in production of that particular product. Comparative advantage is when an entity 

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