ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Trade liberalization removes or reduces barriers to trade among countries, such as tariffs and quotas. Having fewer barriers to trade reduces the cost of goods sold in importing countries. Trade liberalization can benefit stronger economies but put weaker ones at a greater disadvantage.

Detailed explanation-2: -Individuals in regions with high concentrations of export-oriented industries fare better than individuals in regions with lower concentrations of exporters. Conversely, individuals in regions with high concentrations of import-competing industries fare worse than individuals in less exposed regions.

Detailed explanation-3: -It benefits countries in different ways. Its positive effects include introducing various products, services, ideas, technologies, etc. It also gives disadvantages like unhealthy competition for domestic entities, overdependence on foreign nations, overexploitation of human capital, environmental damages, etc.

Detailed explanation-4: -Lower prices. Increased competition. Economies of scale. Inward investment. More advantages of free trade.