Trade between individuals and between nations leads to:

Question

Quizplus · Accepted Answer

Trade between individuals and nations leads to increased specialization as each entity focuses on producing what they are most efficient at. This leads to a larger variety of goods and services being available at lower costs, which ultimately improves living standards. While some product prices may be higher due to factors such as tariffs or transportation costs, overall trade typically results in lower prices due to competition and efficiency gains. Self-sufficiency, on the other hand, tends to lead to higher costs and fewer choices.

Trade Between Individuals and Between Nations Leads To