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1. Macro Eco > Advantages and Disadvantages of Specialisation and Trade > Flashcards

Advantages and Disadvantages of Specialisation and Trade Flashcards

1
Q

World output

A

Advantage: higher living standards

Disadvantage: based on unrealistic assumptions

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2
Q

International Markets

A

Advantage: may create economies of scale

Disadvantage: overdependance on imports and exports

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3
Q

Price level

A

Advantage: lower prices and more choice for consumers

Disadvantage: demotivation, increasing prices

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1. Macro Eco (38 decks)

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