What is the importance or advantage …
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Yogita Ingle 5 years, 9 months ago
1. Encourages producers and consumers to benefit from deeper division of labour and economies of scale
2. Competitive markets reduce monopoly profits and incentivise businesses to seek cost-reducing innovations
3. Enhanced growth has led to higher per capita incomes – and helped many of poorest countries to achieve faster economic growth and reduce extreme poverty measured as incomes < $1.90 per day (PPP adjusted)
4. Advantages from the freer movement of labour between countries
5. Gains from the sharing of ideas / skills / technologies across national borders
6. Opening up of capital markets allows developing countries to borrow money to over a domestic savings gap
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