What you’ll learn1 learning objectiveChoose one objective for a focused lesson, or study the complete topic.4.1.1Benefits of international trade• Trade can increase competition, lower prices, expand choice, and provide access to resources• Trade can raise foreign exchange earnings, access larger markets, generate economies of scale, and improve resource allocation and production efficiency• Diagram: free trade illustrating exports when world price is above domestic price• Diagram: free trade illustrating imports when world price is below domestic priceSyllabus objective