Able to trade the goods produced for goods desired

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Regan and Lipskey discuss the sources of gains from international trade in Chapter 33 of their book. Ragan (2014) states, “Specialization and trade go hand in hand because there is no incentive to achieve the gains from specialization without being able to trade the goods produced for goods desired”. Therefore, international trade is very important for Canada, most industrialized and world economics as gains from trade, “The increased output attributable to the specialization according to comparative advantage that is made possible by trade” (Ragan, 2014, p. 826) is about engaging international trade, and thus specialization can increase consumption possibilities.

How important have such sources of gains been for Johnson and Johnson?

Reference no: EM131226552

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