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

2324 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

What factors cause the shifts and movements of the demand curve?


What is Price Elasticity of Demand?


Explain the effect of a subsidy on equilibrium price and quantity in a demand and supply model.


Define what market failure is and identify an example of market failure, explaining fully why it is a relevant example.


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