importance of trade. write short note
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Most people understand the benefits of exports, but imports from America's trading partners also benefit Americans. They give consumers greater purchasing power, as trade allows them to buy a wider variety of goods at lower prices.
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Answer:
Most people understand the benefits of exports, but imports from America's trading partners also benefit Americans. They give consumers greater purchasing power, as trade allows them to buy a wider variety of goods at lower prices.
Explanation:
Trade increases competition and lowers world prices, which provides benefits to consumers by raising the purchasing power of their own income, and leads a rise in consumer surplus. Trade also breaks down domestic monopolies, which face competition from more efficient foreign firms.
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