Trade improves our standard of living through

Question

Quizplus · Accepted Answer

Trade allows individuals, businesses, and countries to specialize in producing goods and services that they are relatively better at than others. Through voluntary exchange, they can then trade these goods and services with others for the ones they need or want. This leads to greater efficiency and increased output, ultimately improving our standard of living. Option B is incorrect as it suggests exploitation, which is not a benefit of trade. Options C, D, and E are also incorrect as they do not accurately describe the benefits of trade.

Trade Improves Our Standard of Living Through