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• the theory based the existence of benefits from trade for all countries, taking part in it; • there become possible to develop foreign economic policy on the scientific foundation. The limitation of the comparative advantage theory is in that presuppositions, on which it is based. Comparative advantage is an economic term that describes doing what you do best, and leveraging that against what you don't do so well. World economies depend on the outcome. This economic law was recognized by a political economist, David Ricardo in his book, ‘Principles of Political Economy and Taxation’ in 1817. After understanding the meaning of comparative advantage, let us have a look at the assumptions of this theory. Assumptions of Comparative Advantage

Big Oil is a name used to describe the world's six or seven largest publicly traded oil and gas companies, also known as supermajors. The term emphasizes their economic power and influence on politics, particularly in the United States. Big oil is often associated with the fossil fuels lobby and also used to refer to the industry as a whole in a pejorative or derogatory manner. E&P companies measure oil production in barrels. One barrel, usually abbreviated as bbl, is 42 U.S. gallons. Companies often describe production in terms of bbl per day or bbl per quarter. A common methodology in the oil patch is to use a prefix of "m" to indicate 1,000 and a prefix of "mm" to indicate one million. The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transporting, and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline. Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The extreme monetary value of oil and its products has led to it being known

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What is Rentier State? Definition of Rentier State: In rentier state theory, the state derives most of its revenue from renting resources (such as oil) to foreign 

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Repo Rate – Meaning & Current Repo Rate . In the current monetary system, the Reserve Bank of India uses the repo rate as a money market tool to achieve several fiscal goals for the economy. Below is a detailed insight into this concept and related aspects. What is Repo Rate? The term ‘REPO’ denotes repurchase option or agreement.

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Examples of MLPs involved in the gathering, processing, compression, transportation and storage of oil and gas include Buckeye Partners, DCP Midstream, Energy Transfer Partners, Enterprise Products Partners, Magellan Midstream Partners, NuStar Energy, Plains All American Pipeline, TC PipeLines, and TransMontaigne Partners. A number of MLPs are dedicated to marine transportation, oil and gas exploration, oilfield services, and downstream refining/marketing/distribution services. Master limited partnerships (MLPs) are a business venture that exists in the form of a publicly traded limited partnership. They combine the tax benefits of a private partnership—profits are taxed only when investors receive distributions—with the liquidity of a publicly-traded company (PTP). Oil & Gas UK monitors this activity and takes action, wherever possible, by contacting law enforcement agencies and actively removing offending material. It is extremely difficult to locate those instigating these scams, particularly due to the increased use of social media tools in perpetrating such crimes.

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