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Explain the reason countries trade with each other. (Site 1)

Explain why a country would place a quota on certain imported goods. (Site 1)

Explain the benefits and costs of a free trade agreement. (Site 1)

1.

Trade as an economic activity has existed since prehistoric times, and has taken place in all societies. However, international trade is a more recent development made possible by the development of complex civilizations and nations. Trade occurs when a country has an advantage in the production of a particular good. Therefore, it is able to specialize on this good and produce it cheaply. It then trades with a country that specializes in a different good.

2.

Quotas are limits placed on the amount of a good that a country imports (buys from another one). The main reason why countries employ quotas is because they want to protect their local industry. If too many goods of a particular type are allowed to enter the country, this would lead to a decline in prices and sales of this type of local goods. Therefore, quotas are placed to protect local industries and allow them to compete in the market.

3.

There are several advantages and disadvantages to free trade. An important benefit is that free trade allows countries to cooperate with each other, creating stronger ties between them. Free trade also benefits a country by giving it access to a wide range of products at cheaper prices.

However, free trade can lead to abuses such as low wages and bad working conditions. It can also encourage damage to the natural environment.

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