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FREE TRADE (Disadvantages
ECONOMIC FLUCTUATIONS (Structural unemployment
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FREE TRADE
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Advantages
Economic gains
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Welfare gain (lower price, larger quantity, more choices
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Other gains
Social & Cultural (social cohesion, safer to live, higher education level, better health)
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refers to the exchange of goods and services between countries without governmental restrictions such as tariffs and quotas.
Comparative Advantage
Producing a good at a relatively lower opportunity cost compared to another country.
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