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Chapter 20: Q. 36 (page 490)

Why is trade a good thing if some people lose?

Short Answer

Expert verified

Trade is a good thing if some people lose because it benefits the economy in the long run and increases the competition in the economy.

Step by step solution

01

Step 1. Meaning of international trade.

International trade refers to the exchange of goods and services between two countries at a fixed exchange rate.

02

Step 2. Reason for trade is a good thing.

Trade is a good thing if some people lose because it benefits the economy in the long run and increases the competition in the economy. Domestic producers lose from international trade but it improves the standard of living and hence the long-term economic growth.

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