ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to make friends
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to get things they already have
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to be popular
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to get things they need and want but do not have
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Detailed explanation-1: -Trade is critical to America’s prosperity-fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.
Detailed explanation-2: -The five main reasons international trade takes place are differences in technology, differences in resource endowments, differences in demand, the presence of economies of scale, and the presence of government policies.
Detailed explanation-3: -So, in this blog, we’ll discuss the 3 different types of international trade – Export Trade, Import Trade and Entrepot Trade.
Detailed explanation-4: -The importance of trade is: 1. No country can survive without international trade because resources are space bound. 2. Advancement of international trade of a country leads to its economic prosperity because such a trade provides so many jobs to workers as well as business to traders.