import goods

Why Do Countries Import Goods?

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Why Do Countries Import Goods? Imports are important for the economy because they allow a country to supply nonexistent, scarce, high cost, or low-quality certain products or services, to its market with products from other countries. Why might a country import goods instead of making everything itself? Why might a country import goods instead of

How Does Specialization Help Trade?

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How Does Specialization Help Trade? The effects of specialization (and trade) include: … Consumer benefits: Specialization means that the opportunity cost of production is lower, which means that globally more goods are produced and prices are lower. Consumers benefit from these lower prices and greater quantity of goods. What is the role of specialization in