Outline and explaine five (5) reasons for International Trade
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Outline and explaine five (5) reasons for International Trade
Expert Solution
Step 1
Five reasons for international trade are as follows-
- The difference in technology
- Consumer taste heterogeneity
- Differences in resource endowments
- Existence of economies of scale in production
- Government policies
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