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One of the Principles of economics “Trade Can Make Everyone Better Off.” Based on your understanding...

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Economics

One of the Principles of economics “Trade Can Make EveryoneBetter Off.” Based on your understanding of this principle, first,explain the fundamental principles of the trade between the twocountries. Today we can see that some countries started to imposesome restrictions on the flow of goods and services, do you thinkthese practices contradict the principle? Why?

I need the answer minimum of 500 wordsplease.

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3.7 Ratings (463 Votes)
International trade deals with the exchange of goods and services between the inhabitants of two countries in order to meet their needs of scarce goods The fundamental principle of trade is based on the concept of comparative advantage which include two inputs which are labor and capital Comparative advantage implies producing a good at a lower cost than anyone else Again the theory of comparative advantage is based on the concept of opportunity cost A country which can produce a good at a    See Answer
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