Buy custom International Trade
Essay's paper info
| Topic: |
Business
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| Number of pages / Number of words: |
12 / 3313 |
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2 Among these are: (1) since natural skills among peoples are different, if each specialized in his or her natural skill, the total of their output would be greater than if both tried to do the other person's skill; (2) even if the skills of each person are identical, specialization is still better because it increases production and so each person's skills will improve from repetition; (3) specialization results in the simplification of tasks because it can lead to mechanization and the advent of large-scale machinery; (4) specialization by each person saves time because neither person loses time by shifting from one skill to another...
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Other motives for international trade include economies of scale from the synergistic effect when the whole becomes worth more than the individual parts. In addition, the differences in tastes among the citizens of different countries lead to trade that can satisfy these various tastes. International trade has become increasingly important to the world economy...
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