Explain one benefit of international trade for UK consumers.

The key benefit for UK consumers will come in the form of lower prices and hence they will receive a welfare gain through the increase in consumer surplus. International trade increases the size of the market and this can be represented by an increase in supply as there are now more sellers. The increase in supply, while holding demand constant, will result in an increase in quantity sold and a reduction in per unit prices.

MS
Answered by Martin S. Economics tutor

2098 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Describe with a real world example, price elasticity of demand


Following Teresa May's Brexit speech, the UK exchange rate in terms of euros depreciated from 1.13 to 1.08. If a firm sells 20000 units at 4 euros per unit, what is the difference in the firms revenue following the change in the exchange rate?


What is the Marshall Lerner Condition?


Why does the demand curve slope downwards?


We're here to help

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

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences