Summarize the international trade theories.

What are the differences between these

theories, and how did the theories evolve? 
Trade is all about exchanging goods and services between people or business, while
International trade is all about exchanging of goods or services between people or business of
different countries. There are different International Trade theories that helps us to understand
how businesses uses this to promote their interest internationally.
First, the mercantilism theory, this theory is focus on maximizing the exports and
minimizing the imports. This theory believes that, if other countries buy more products from
you (exports) than they sell to you (imports), then they have to pay for the difference. The
objective of these theory was to have a trade surplus where the value of exports is greater
than the value of imports, and to avoid trade deficit wherein the value of imports is greater
than the exports.
Second, the absolute advantage principle, this theory is focus on the ability of the
country to produce more products efficiently than other countries. For instance, if Country A
can produce a good product faster than Country B, then country A will have a greater
advantage on specializing that product. Through specialization, there are countries that
become more efficient because their labor force is more skilled by doing the same task.
Third, Comparative advantage principle, this theory occurs when one country cannot
produce a product efficiently than the other country, but they can produce a product with a
better quality than the other country. This theory clearly states that there are certain countries
may not have any useful absolute advantages. Also, it focuses on the productivity and quality
differences.
Fourth, Factor Proportion Theory, this theory would want that each country should
produce and export products that required resources in a great supply, but the country would
import products that were in a short supply, but has a higher demand. For instance, we are
aware that China produces goods with a good quality such as garments and it was a labor-
intensive industry, with these they are in need of large pools of labor.
Fifth, Leontief Paradox, in this theory it clearly states that international trade is complex
and cannot be fully explained by a single theory. It merely implies that different theories are
evolving from time to time. Also, a country should have a steady supply and more productive
than in many other countries before exporting labor-intensive goods.
Lastly, International Product Cycle Theory, this theory states that products go through
three stages of evolution which are the introduction, growth and maturity. The introduction and
growth of a product will occur completely in the home country, while the maturity of a product
is when almost all of us are aware that the product exist, and it is also growing internationally.
This product cycle is harder for the innovator country to sustain their maturity since, because
decline stage is very inevitable.
These theories merely help the country on how they can manage to introduce their
products, and to assess whether they will compete internationally with their products through
importing and exporting. It also helps the country to evaluate what product to produce more,
when to produce and where to export and import products to avoid an instant decline of the
product and as well as to avoid exporting more scarce resources than using it in an effective
manner.