Explain a benefit of international trade for UK consumers

International trade means that international firms can enter the UK market. This will increase supply, which in turn lowers prices and increases quantity available. This will lead to an increase in consumer surplus as the price is lower and also leads to an increase in the choice of goods/services available, and therefore consumer welfare is increased.

CL
Answered by Caitlin L. Economics tutor

5060 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Describe with a real world example, price elasticity of demand


Evaluate the impact of a fall in the price of oil on the market for diesel cars


Why are monopolies inefficient?


How can a tax be represented in a simple demand and supply diagram?


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2025 by IXL Learning