discusses the importance of international trade to economic growth
and development of the courntries. Using facts,...
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Economics
discusses the importance of international trade to economic growthand development of the courntries. Using facts, data, and articlesno older than a year.
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International trade plays an significant part in each countryseconomy It enables the needs of the population to be satisfiedstimulates the countrys internal growth Foreign trade isintercountry exchange in goods and services Many economists hadconsidered the issues of international trade The NeoClassicistleader E Among these is Heckscher According to him foreign tradeleads to an increase in the profits of the owners due to theproducts excess production and export factors and promoteseconomic growth International trade is seen as one of the keyeconomic orientations of every world International cooperation andthe growth of globalization have a positive effect on the marketeconomy The consequences of these processes are the furtherincorporation of countries into foreign trade which continues toplay an increasingly important role in developing countrieseconomies International trade between various countries is ansignificant factor in rising the standard of living providing jobsand allowing customers to experience a wider variety of goodsInternational trade has taken place since the earliestcivilisations started trading but foreign trade has becomeparticularly significant in recent years with a greater share ofGDP devoted to exports and importsThere are the some reasons to make international tradeimportantComparative advantageComparative advantage theory notes that countries wouldspecialize in certain commodities where they have a comparativelylower cost of opportunity Only if one country is able tomanufacture two goods at a lower absolute cost this doesnt meanthey can manufacture both India could have a
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