International Trade Theory

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International Trade Theory Student’s Name Institution Course Instructor’s Name Date International Trade Theory Why the International Trade Economic Theory Perspective Countries engage in the international trade to allow them to utilize their resources in a more efficient way via specialization. Trade enables industries and employees to be more productive. The productive results assist in maintaining the cost of several day-to-day products and services low, converting into higher standards of living (Cavusgil et al., 2014). When there is not international trade, many countries will not manage to obtain food, clothing, and shelter, which are the necessaries of life, for their citizens at current stages. The resource-rich nations, including the U.S., would undergo immense difficulty with no international trade. Not all the types of food would become available, or they will be available but very unaffordable (Cavusgil et al., 2014). For example, sugar and coffee would be luxury items because there would be no exchange of different product without the trade. Countries involve in the international trade to create chances for employment for their multitasked workers, obtain products, services, and other resources that they cannot produce, improve the social interaction between countries, enhance the living standards of the citizens, and improve the modern life, national prosperity, and civilization among nations participating (Krugman, Obstfeld & Melitz, 2015). Practical Perspective With regards to civilization, the international trade helps improve the advancement of civilization among nations. Firstly, the international trade leads to the

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