We benefit from trade if we are able to obtain a good from a foreign country by giving up more of other goods than we would have to give up to obtain the good at home.

Name: We benefit from trade if we are able to obtain a good from a foreign country by giving up more of other goods than we would have to give up to obtain the good at home.
Brand: Quizplus
Rating: 4.9 (50 reviews)

Question

Quizplus · Accepted Answer

Trade is beneficial when we can obtain goods from a foreign country by giving up fewer resources than it would cost to produce them domestically, not more.

We Benefit from Trade If We Are Able to Obtain