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Chap 005

Chap 005

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Published by habibshad

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Published by: habibshad on May 31, 2011
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04/14/2014

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International Business
8e
By Charles W.L. Hill
 
Chapter 5
InternationalTrade Theory
Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin
 
5-3
W
hy Is Free Trade Beneficial?
Free trade
-
a situation where a government doesnot attempt to influence through quotas or dutieswhat its citizens can buy from another country orwhat they can produce and sell to another country
Trade theory shows why it is beneficial for acountry to engage in international trade even forproducts it is able to produce for itself 
International trade allows a country
to specialize in the manufacture and export of productsthat it can produce efficiently
import products that can be produced more efficientlyin other countries

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