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why do countries import goods they can produce locally

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to get goods they cannot produce locally. Once countries start exporting whatever they are rich in, as well as importing goods they lack, their economies begin developing. E.g. Import is to bring goods into the country. Would it not be more efficient to just consume domestically the exports and therefore import less? Comparative advantage means the ability to produce a good or service. The countries can specialise to work that they are best at. There are many reasons a country exports the same good it imports A difference in style of products may be suited… Also, it increases the variety of goods. Importing and exporting goods is not only important for businesses; it is important for individual consumers, too. “The fruit and vegetables do not need to travel very far, bypassing middlemen and transportation, meaning that the farmer receives full retail value of his harvest, instead of only a fraction”; UK can produce cheese, but with international trade English are also able to enjoy French cheese etc. To conclude, I personally believe that the free trade and globalisation have made the world a global village and with the speedy transportation system, food import cost has already declined. Why do countries trade? It also helps countries to obtain the products they otherwise might not get. Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants. If we take 2 countries, e.g. Why do countries specialize? Why do countries have to import goods? Check all that apply. Import:Countries import goods,because they are harder,more expensive or impossible to make inside their country.also countries import goods,because one country can't make everything that is needed to support it's country. They try to source ingredients as directly as possible, featuring produce that is grown both locally and naturally. Why does a country like the UK import and export the same good? By developing and exploiting their domestic scarce resources, countries can produce a surplus, and trade this for the resources they need. to produce more of certain goods and services in a more efficient way . with a lower opportunity cost than another country. They can focus on improving its production but this model is not suitable for industrial countries. Which phrase best defines the term "opportunity cost"? Virtually no country can produce enough of every kind of material it needs by itself.

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November 13, 2020 |

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