Question

1)"For my Country,Import are the Good Thing about international trade."Where as Export are more like neccesary...

1)"For my Country,Import are the Good Thing about international trade."Where as Export are more like neccesary Evil.
Do you agree or Disagree and Why ? Please write 7 points.
2)How do absoluete advantage and comparative advantage relate to each other?

Homework Answers

Answer #1

1) In my opinion, I disagree with the statement that imports are good for international trade while exports are neccesary evil because of the following reasons-

  • internal economy becomes independent and does not have to solely depend on imports for goods and services.
  • exports help in realizing economies of scale, i.e., lower costs of production due to increased capacity and efficiency.
  • increase in production, which promotes economic growth in the nation.
  • exports helps in significantly expanding the market from local to global with increase in potential consumers.
  • Helps in trade surplus and flourish the economy
  • the sales increase and profits are maximized
  • helps in increasing the number of employment as more efficient workers are required to meet new output levels of production.
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