ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It provides employment.
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It raises living standards.
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It enables consumers to enjoy a greater variety of goods.
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All answers are correct.
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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 importance of trade is: 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. 3.
Detailed explanation-3: -What Is Trade? Trade is the voluntary exchange of goods or services between different economic actors. Since the parties are under no obligation to trade, a transaction will only occur if both parties consider it beneficial to their interests.
Detailed explanation-4: -When civilizations got bigger, there were more people who needed more resources. That was one reason why trade began to develop. Trading between ancient cities connected different groups of people because they traded different goods depending on the natural resources of the geography of the civilization.