Trade between two agents or countries allows the countries to enjoy a better total output and level of consumption than what would have been possible domestically.
<h2>What exactly does specialization mean in global trade?</h2>
Instead of manufacturing all consumer items independently, countries with a propensity toward specialization trade certain products for other commodities.
Countries create an more than the product in which they specialize and exchange it for another country's surplus good.
A import barrier is what?
Barrier to trade. Anything, like a tariff, quota, or embargo, that slows down or stops one country from trading products with another.
change in value. the rate of exchange between the currencies of two different countries.
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