Question

what are the advantage and disadvantage of free trade

Answer 1

Advantages of Free Trade

1. It provides consumers with more options and the benefit of lower prices.
2. It benefits trading countries through competitive advantage
3. It is a key to economic growth.

Disadvantages of Free Trade

1. It will have an unfavorable effect on local businesses and producers.
2. It would cause workers to live in desolate places for their jobs and be paid with low wages.
3. It would rob the citizens of jobs that are supposed to be theirs.

Answer 2

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If certain goods were produced only for the home market, it would not be possible to achieve the full advantage of large-scale production. So, free trade increases the world production and the world consumption of internationally traded goods as every trading country produces only the selected goods at lower costs.