Question

One of the great benefits of trade is A. that it provides society what it desires most in life even if it does not enhance the means for achieving its goals. B. that it makes it possible for society to become better off if​ individuals, firms, and countries specialize in producing goods and services for which they have an absolute advantage. C. that it makes it possible for society to become better off by increasing its consumption. D. that it makes it possible for society to become better off by increasing its production but not its consumption.

Answer 1

One of the great benefits of trade is that it makes it possible for society to become better off if​ individuals, firms, and countries specialize in producing goods and services for which they have an absolute advantage.

Explanation:

• Trade, if looked at with a broader sense, is not only the discipline in which commodities are exchanged for other commodities or money, but it is a medium of making our lives better off by taking advantage of the allied opportunities offered by it.
• The very idea that trading is a dynamic discipline and allows for the parties involved to gain both, money and experience, itself clarifies that trading can be made profitable not only in monetary means but also by simply making it an integral part of our living.