Question

Select the correct answer. What are the benefits of global trade? a. Creates employment opportunities and improves standard of living b. Solves labor issues of various countries c. Makes the countries self reliant d. Removes language barriers e. Reduces inflation.

Answer 1

The benefit of global trade is to create employment opportunities and improves the standard of living.

A need or desire for commodities or services leads to the exchange of capital, goods, and services across international borders or territories. Such trade contributes significantly to the gross domestic product of the majority of nations. It is subject to supply and demand law (with sporadic government intervention) and depends on that law to establish the selling price of each good or service. Through commerce, nations can access commodities and services that might not otherwise be accessible domestically and grow their markets.

Market competition has increased as a result of global trade. This ultimately leads to more competitive pricing, which lowers the cost of the final product for the consumer.

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