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International Trade
International trade is concerened with the buying and selling of goods & services across international boundries.
There are many gains from trading internationally and many countries rely on it, for example, many countries rely on imports from other countries such as raw materials and foodstuffs that they cannot produce themselves, they also rely on exporting their products. International trade allows this to happen by giving different nations access to the goods & services they cannot provide/produce themselves.
International trade also encourages specialization to take place in the market, this is where one country can produce one commodity better than another’s and therefore specializes in producing that commodity. This allows the product to be produced to a higher standard at a lower cost per unit thus allowing everyone to benefit from economies of scale.
International trade also allows consumers access to a greater variety and number of......
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Title: World Economy
Approximate Word Count: 2961
Approximate Pages: 12 (250 words per double-spaced page)
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