One of the ways trade increases wealth is by taking advantage of differences in preferences.

Question

Quizplus · Accepted Answer

Trade allows individuals and countries to specialize in producing goods and services that they are relatively more efficient at producing, while importing goods and services that they may be less efficient at producing. This allows for a greater range of products and services for consumers to choose from, satisfying different preferences and increasing overall welfare and wealth.

One of the Ways Trade Increases Wealth Is by Taking