Describe the various gains from trade

      

Describe the various gains from trade.

  

Answers


Simon
• Advantage of territorial division of labor - a country always produces products in which it has lower production cost and comparative advantage. Due to this, each country specializes to commodities they have comparative advantage. This brings about division and specialization of labor.
• Increased production - the more a country encounters in international trade the more its productivity increases. increased production leads to an increase in national income
• Equal distribution of scarce goods - international trade helps in distribution of scarce goods in the world. Countries which do not produce certain goods gets the goods through international trade. For example oil from UAE is distributed all over the world through international trade.
• Equality in commodity and factor prices - international trade leads to equality in the prices of internationally traded goods and also productive factors in the regions of the world.

skilled writter answered the question on April 1, 2018 at 18:12


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