Trade Makes the World Better Off

©iStock/thitivong

When a firm or an individual buys a good or a service produced more cheaply abroad, living standards in both countries increase.  Nations are almost always better off when they buy and sell from one another

There are other reasons consumers and firms buy abroad that also make them better off—the product may better fit their needs than similar domestic offerings or it may not be available domestically. In any case, the foreign producer also benefits by making more sales than it could selling solely in its own market and by earning foreign exchange (currency) that can be used by itself or others in the country to purchase foreign-made products.

Trade makes the world better off.

from The Global Small Business Blog https://ift.tt/8mernTA