In terms of production possibilities curves, the benefits of trade between two nations are that each nation moves to a higher:

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By trading with each other, each nation can specialize in producing the goods and services they are relatively more efficient at producing, allowing them to produce more of their respective goods, ultimately resulting in each nation moving to a consumption possibilities combination that is higher than their original one. This increase in productivity leads to a higher standard of living for both nations.

In Terms of Production Possibilities Curves, the Benefits of Trade