Globalisation Of Trade: International Trade: Benefits Of International Trade To A Country (Copy)
Cheat Sheet: 3.1.1 Benefits of International Trade to a Country
| Benefit | Explanation | Example |
|---|---|---|
| Wider Choice of Goods | Consumers access products not produced locally | Pakistan importing iPhones, Japan importing mangoes |
| Higher Standard of Living | Access to diverse, better-quality products improves lifestyle | Imported medicines improve healthcare |
| Lower Cost of Imports | Countries buy goods cheaper from abroad due to efficiency | Bangladesh importing cheap raw cotton |
| More Investment | Trade attracts foreign direct investment (FDI) | Multinationals setting up factories in Vietnam |
| Job Creation | Export industries and foreign firms generate employment | Textile exports from Bangladesh employing millions |
Written and Compiled By Sir Hunain Zia, World Record Holder With 154 Total A Grades, 7 Distinctions and 11 World Records For Educate A Change O Level And IGCSE Commerce Full Scale Course
Additional Impacts
| Positive Effect | Explanation |
|---|---|
| Economic Growth | More trade boosts GDP |
| Technology Transfer | Foreign firms bring new methods and skills |
| Global Integration | Countries become part of global markets |
Written and Compiled By Sir Hunain Zia, World Record Holder With 154 Total A Grades, 7 Distinctions and 11 World Records For Educate A Change O Level And IGCSE Commerce Full Scale Course
Summary
| Key Idea | Takeaway |
|---|---|
| International trade expands consumer choice, lowers costs, and creates jobs & investment. | |
| It raises living standards and integrates economies into the global system. |
Written and Compiled By Sir Hunain Zia, World Record Holder With 154 Total A Grades, 7 Distinctions and 11 World Records For Educate A Change O Level And IGCSE Commerce Full Scale Course