Trade can make people and nations better off, and give nations what they. The person or Country can specialize in what they do best, and trade to get what else they need. There are certain parts of the United States, and other parts of the world where you can find Natural Resources, that are nowhere else, and they can trade with each other.
2. How can trade make everyone better off?
I feel that some countries are more agriculturally based, and others may have more natural resources, and manufacturing. Then if they trade with other countries they have a chance to get what they need. They may also get better quality products, at a cheaper rate.
3. What is absolute advantage? What is comparative advantage? How are these concepts similar? How are they different
“Absolute Advantage is capability to produce more of a given product using less of a given resource than a competing entity.”
“Comparative Advantage the ability of a party to produce a particular good or service at a lower marginal and opportunity ...
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