Question

state important of trade​

Answer 1

Answer:

The process of economic specialization and trade, in which individuals focus on doing the things they do best and then exchange the products of their labor with others who are likewise concentrating on their own areas of excellence, leads to much higher levels of production of goods and services as well as the most ...

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Answer 2

Answer:

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.