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International Economics 15th Edition by Robert Carbaugh
النسخة 15الرقم المعياري الدولي: 978-1285854359International Economics 15th Edition by Robert Carbaugh
النسخة 15الرقم المعياري الدولي: 978-1285854359 تمرين 2
What are some of the major arguments for and against an open trading system?
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Open trading refers to a trading system under which there is no barriers to free trade and countries allow fair and nondiscriminatory access to each other markets.
Proponents of an open trading system argue that international trade allows nations to achieve higher levels of consumption with access to lower-priced goods and services.
There is also a wider range of products for consumers to choose from because they are able to consume domestic and foreign goods through the international market.
Countries with open trading systems also have higher levels of investment.
Open trading creates trade creation which arises when the consumption shifts from high cost producers to low cost producers.
It helps countries to attain economics of scale, according to comparative advantage countries specialize in certain goods which leads to economics of scale by reducing the average costs.
Opponents of an open trading system claim that domestic firms and workers face competition when the offshoring of jobs lead to lower production costs and unemployment at home.
Other nations that are able to produce at lower costs cause less efficient domestic firms to exit industries. Having an open trading system also leads to excessive production in the global market.
Infant industries in developing countries would struggle against international competition because they are relatively new and less efficient.
Tariffs raise revenue for government which raises money for the government.
Proponents of an open trading system argue that international trade allows nations to achieve higher levels of consumption with access to lower-priced goods and services.
There is also a wider range of products for consumers to choose from because they are able to consume domestic and foreign goods through the international market.
Countries with open trading systems also have higher levels of investment.
Open trading creates trade creation which arises when the consumption shifts from high cost producers to low cost producers.
It helps countries to attain economics of scale, according to comparative advantage countries specialize in certain goods which leads to economics of scale by reducing the average costs.
Opponents of an open trading system claim that domestic firms and workers face competition when the offshoring of jobs lead to lower production costs and unemployment at home.
Other nations that are able to produce at lower costs cause less efficient domestic firms to exit industries. Having an open trading system also leads to excessive production in the global market.
Infant industries in developing countries would struggle against international competition because they are relatively new and less efficient.
Tariffs raise revenue for government which raises money for the government.
International Economics 15th Edition by Robert Carbaugh
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