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17 November, 05:59

What are considered benefits of free trade?

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  1. 17 November, 06:26
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    Essentially, free trade enables lower prices for consumers, increased exports, benefits from economies of scale and a greater choice of goods. This explains that by specialising in goods where countries have a lower opportunity cost, there can be an increase in economic welfare for all countries.
  2. 17 November, 07:01
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    1. Less tariffs which leads to lower prices for consumers

    2. Increased competition for supplies

    3. Increased raw materials

    4. Increased exports
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