How can consumer and producer be benefited from foreign trade explain with example?
Answers
Ten Economic Benefits of International Trade
Variety Of Goods. International trade gives Americans access to goods that would not be available otherwise. ...
Outlet For Surpluses. ...
Reduction Of Market Fluctuations. ...
Lower Costs. ...
Production Efficiency. ...
Resource Specialization. ...
Innovation. ...
Investment.
Answer:
Consumers and producers can be benefited from foreign trade:
1. Foreign trade creates an opportunity for the producers to reach beyond the domestic market.
2. Producer can sell their produce not only in markets located with in the country but can also compete in markets located in other countries of the world.
3. For buyers import of goods produced in another country is one way of expanding the choice of goods.
With the opening of trade goods travel from one market to another.
4. Choice of goods in the market rises.
5. Prices of similar goods in the two markets tend to become equal.
6. Producers in the two countries closely compete with each other.
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Explanation: