Q. 125.0( 2 Votes )
How do nations gain from International Trade?
International trade is the result of specialisation in production. It benefits the world economy if different countries practice specialisation and division labour in the production of commodities and providing services to other people. It increases the level of production as with available finances or foreign technology; the developing nations can increase the quality and quantity of the production. IT also gives better standards of living as with increased production and trade, there is an increase in exports and hence increased per capita income which gives rise to increased standards of living.
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