Using the chart as a reference, explain one way in which increased international trade improved the standard of living for both Americans and Europeans.

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Lea Thornton

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16 September, 11:32

Using the chart as a reference, explain one way in which increased international trade improved the standard of living for both Americans and Europeans.

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Mohammed Dunlap · Answer 1

International trade enables specialization, which brings increased efficiency and greater competition to spur the market.

This happens becauseSpecialization would make each nation to focus on producing certain type of products in which they would gain a competitive advantage towards other (either because they had the necessary materials sources or labor qualities) and would create better and cheaper product in the market.