Asked by Mohammed Yasser on Apr 29, 2024
Verified
State how the world economy can benefit from free trade.
World Economy
The global network of economic activities and transactions, encompassing all of the world's national economies and facilitating international trade and investment.
Free Trade
An economic policy that allows imports and exports among member countries with little to no tariff barriers.
- Explore the advantages of unrestricted trade on the global economy and recognize significant obstacles to trade.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
Through free trade, the world economy can achieve a more efficient allocation of resources and a higher level of material well-being than it can without free trade. It promotes competition and deters monopoly. Free trade gives consumers a wider range of product choices. Additionally, it links national interests and breaks down national animosities.
Learning Objectives
- Explore the advantages of unrestricted trade on the global economy and recognize significant obstacles to trade.
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