An important insight of international trade theory is that when countries
exchange goods and services one with the other, it is usually
beneficial to both countries.
International trade enables countries to expand their markets and gain access to goods and services that would otherwise be unavailable domestically.
The market has become more competitive as a result of international trade.
This ultimately leads to more competitive pricing and a lower-cost product for the consumer.
International trade is the buying and selling of goods and services between businesses in different countries.
Global trade exposes consumers and countries to goods and services that are not available or are more expensive in their home countries.
Political economists such as Adam Smith and David Ricardo recognized the importance of international trade early on.
Still, some argue that international trade can be detrimental to smaller countries, putting them at a disadvantage on the global stage.
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