One benefit of trade is that it:
increases the division of knowledge because trade makes people more self-sufficient, producing more of what they consume
allows for increased specialization and mass-production techniques that lower per unit costs of production
improves productivity, leading to greater domestic employment
decreases economies of scale, making production more efficient
One benefit of trade is that it:
increases the division of knowledge because trade makes people more self-sufficient, producing more of what they consume
allows for increased specialization and mass-production techniques that lower per unit costs of production
improves productivity, leading to greater domestic employment
decreases economies of scale, making production more efficient