Posted by Rachel | Posted in Gourmet Coffee | Posted on 21-11-2009
Tags: books, free, free trade, free trade agreement, free trade area, free trade coffee, free trade zone, music, tools, trade
free trade?
can u explain why free trade is better than protectionism by: explain the fact that there will be a loss of job if u engage in free trade???
Free trade is better than protectionism because countries have different comparative advantages in the production of services and goods.
There is an opportunity cost for countries when producing a certain good: because it has a limited amount of resources, the cost is to produce less of another good. The less it costs for a country to produce that good in terms of the other, the lower the opportunity cost of producing it, the higher the comparative advantage over that product.
Free trade allows countries to specialize in the production of goods that they have a comparative advantage and trading them for goods in which they have a comparative disadvantage. When countries engage in such trade, they can have more of both goods, which is a good deal.
The reason why a country might suffer a significant job loss in the short-run is due to that specialization.
Global Economics – Global Exchange: Free Trade & Protection
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