countries around the world trade with one another to obtain goods and services they cannot produce which gives their consumers what?
higher prices
more choices
less options
lower payments
more choices
Countries around the world trade with one another to obtain goods and services they cannot produce, which gives their consumers more choices.
Countries around the world trade with one another to obtain goods and services they cannot produce, which gives their consumers more choices.
To understand why international trade provides consumers with more choices, we need to consider the concept of comparative advantage. Each country has certain resources, skills, or technologies that make them more efficient at producing certain goods or services compared to others. By specializing in the production of goods or services in which they have a comparative advantage, countries can produce more efficiently and effectively.
When countries engage in international trade, they can access a wider variety of goods and services that may not be available or may be too expensive to produce domestically. Through trade, consumers can choose from a broader range of products, which leads to an increase in options and variety.
For example, a country may have a comparative advantage in producing agricultural products due to favorable climate conditions or abundant farmland. By exporting these agricultural products and importing other goods, such as electronics or automobiles, consumers in that country can enjoy a greater selection of products than if they were limited to only what could be domestically produced.
Therefore, the correct answer is that international trade gives consumers more choices.