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Sagot :
The price increases when there is more demand for a product than supply.
Through commerce, nations can access commodities and services that might not otherwise be accessible domestically and grow their markets.
If the terms of trade are better, the nation may sell its goods on the international market and get more units of import goods for each unit of export goods, which indicates that foreign customers are ready to pay more.
- International trade offers individuals and nations the chance to experience products and services that are either unavailable or more expensive domestically.
- Political economists like Adam Smith and David Ricardo were among the first to acknowledge the significance of international trade.
- However, some contend that commerce with other countries can really be detrimental to smaller countries, placing them at a disadvantage on the global arena.
To learn more about International trade click here:
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