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4.1 Benefits of international trade

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Learning objective

4.1.1—Benefits of international trade

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• 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 price

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