Explain increased global competition
Explain increased global competition?
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A. Although imports of many products have decreased the share of American firms in the U.S. market, hundreds of U.S. firms have prospered in the global market.
B. Although some domestic producers will get hurt and their workers will have to find employment elsewhere, freer trade benefits the consumer and society.
One early involvement of Adam Smith to the theory of gains by international trade, although later thoroughly revised and refined through David Ricardo, was the conception of: (1) mercantilism. (2) absolute advantage. (3) comparative a
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