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What are Gains From Trade?

 , November 16, 2015 updated on December 31, 2017
Gains from trade is the net gain achieved by countries, organizations or individuals from trade. Trade works because it allows countries and organizations to focus on their competitive advantages. For example, if you're better at growing apples than wheat then you can gain by exporting apples and importing wheat.
Overview: Gains From Trade
AreaEconomics
DefinitionThe net gain from trade that results from focusing on comparative advantages rather than producing all goods domestically.
Related ConceptsCompetitive Advantage
Absolute Advantage

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