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International trade may confer a number of benefits upon those nations which participate in it:
• consumers gain access to a wider range of products
• consumers are able to buy imports more cheaply than from domestic producers
• there is an overall increase in consumer welfare
• producers gain access to wider markets
• specialisation and trade (based on absolute and comparative advantage) creates a more efficient use of resources and an increase in welfare.
marlinbito answered the question on July 6, 2018 at 09:03
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