What are the possible advantages of free trade, Microeconomics

Assignment Help:

What are the possible advantages of free trade?

Firms

a)  Specialisation and enhanced use of comparative advantage

b)  Possibility of advantages of scale

c)  Spread and knowledge of technology - production gains

d)  Spread of skills and labour capital

e)  Access to new/wider markets

  • consumers

a) Increased choice, i.e. variety

b) lower prices

c) overall consumer welfare (consumer surplus - outside of syllabus) in lower prices and increased consumption

d) Increase in standard of living

 


Related Discussions:- What are the possible advantages of free trade

Criticism of opportunity cost, Normal 0 false false false ...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

What caused the end of malthusian age, So what caused the end of Malthusian...

So what caused the end of Malthusian age? How did humanity escape from the trap in that invention and ingenuity increased the numbers though not the material well-being of humanity

Supply and demand shifter, What happens to the market for cchicken wings if...

What happens to the market for cchicken wings if the price of beer increases?

Project, Explain welfare grants and subsidies

Explain welfare grants and subsidies

Define the term supply, Demand is defined as a schedule of the quantities f...

Demand is defined as a schedule of the quantities fo good that will be purchased at various prices similarly the supply refers to the schedule of the quantities of a good that will

Business card etiquette, "In U.S., there is a culture of greeting people of...

"In U.S., there is a culture of greeting people of the same sex. It's not common that people give attention to the people of the opposite sex. However, in the middle class, it's a

Niche operators - energy infrastructure, Niche Operators: It is assess...

Niche Operators: It is assessed by TRAI that despite the USO support, existing big service providers would not be interested to serve about 50 per cent of the villages. To add

Examine the factors that influence a country s exchange rate, Examine the f...

Examine the factors that influence a country s exchange rate. Suppose and define a floating exchange rate, the major issue here is to outline the factors influencing the supply

Determine the units of capital and labour, The production function for a fi...

The production function for a firm is expressed as follows: Q = 800K - K 2 +5KL - 7750L + 10,000 Where Q is quantity of units manufactured, K and L are units of capital and

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd