ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -If countries specialize and trade, all products can be made cheaper and both countries can be better off. This is the key benefit of free trade that economists will cite and it is worth reiterating-products are less expensive with free trade. With less expensive products, we are all richer.

Detailed explanation-2: -Milton Friedman was an American economist who advocated for free-market capitalism. He is the founder of monetarism, an active monetary policy where governments control the amount of money in circulation. Friedman helped develop income tax withholding during World War II.

Detailed explanation-3: -Definition: A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities. The value, cost and price of items traded are as per forces of supply and demand in a market.