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Economics | International Trade Notes
Economics | International Trade Notes When does trading occur? -CORRECT ANSWER- When consumers in the US buy goods from other nations (imports) and businesses in the US sell goods to other nations (exports). What are the benefits of world trade? -CORRECT ANSWER- • Jobs • Profits • Variety of goods and services. What affects the importing and exporting a nation does? -CORRECT ANSWER- Absolute and comparative advantage. What is absolute advantage? -CORRECT ANSWER- When a nation c...
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Economics | International Trade Notes When does trading occur? -CORRECT ANSWER- When consumers in the US buy goods from other nations (imports) and businesses in the US sell goods to other nations (exports). What are the benefits of world trade? -CORRECT ANSWER- • Jobs • Profits • Variety of goods and services. What affects the importing and exporting a nation does? -CORRECT ANSWER- Absolute and comparative advantage. What is absolute advantage? -CORRECT ANSWER- When a nation c...