International trade arises from

Name: International trade arises from
Brand: Quizplus
Rating: 4.8 (46 reviews)

Question

Quizplus · Accepted Answer

International trade arises from the concept of comparative advantage, which suggests that countries should specialize in producing goods and services in which they have a lower opportunity cost, and trade with other countries for goods and services in which they have a higher opportunity cost. This leads to an increase in overall production and consumption, benefiting all participating countries.

International Trade Arises from