Trade Theory – Ricardo’s theory of comparative advantage, use appropriate models and diagrams examples


Trade Theory – Ricardo’s theory of comparative advantage, use appropriate models and diagrams examples

Structure of the essay:

Introduction – Define the terms and concepts that will be addressed. In the introduction, you need to introduce the Ricarian view of trade simply, which includes two-way trade are good for the both and the comparative


Body – Main theories, concepts and issues with a discussion of how these relate to the case study. You need to introduce the theory into details, and give the example to explain the two-way trade how to let the two way get benefits from the trade. You also need to give diagrams for comparative advantages. In this part, you need to use Ricardo’s theory to compare with the previous some economic theory, tell us why Ricardo’s theory is more reasonable than the other theory.

Conclusion – Draw together the arguments with particular care that these are substantiated and supported. You need to conclude the Ricardo’s theory how to overthrow the previous theory, and what is the new point that Ricardo’s theory put forward, which is good for the two-way trade.


You must always give reasons for your argument.

Do not simply describe – if you are asked to “compare & contrast one situation with another”, you must also analyse what the  likely impact will be of the difference that you have noted on the situation that you examining – for example, what advantages or disadvantages arise from the differences? We expect final year students to demonstrate their ability to critically evaluate – this means that you do not simply describe, but you show that you can think, you either use theory to explain something about the real world, or you say how the experience of the real world impacts on the theory.


When asked to apply a model, make sure that you apply it as fully as possible – do not simply put the theory from the text book, but demonstrate that you understand the full implications of it for the organization or situation that you are considering?


How are marks awarded?

70%+ all elements of the models, concepts are covered – there are no significant areas of confusion or omission – the issues addressed have been professionally applied to the case study and there is clear evidence that the candidate’s reading goes beyond the basics of the text book and that he/she can link together concepts and issues across the syllabus. The essay has been written using appropriate and accurate English all arguments have been supported and the essay has been answered in a logical and well structured way. Candidates will be expected to quote sources for their models and show higher learning skills – analysis, evaluation and synthesis.

60%- 69% As above, but there may be some areas minor areas of confusion, inconsistency, or frailty of argument. Some issues may have only been marginally addressed leading to some omissions that undermine the discussion put forward.



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