Explain a benefit of international trade for UK consumers

International trade means that international firms can enter the UK market. This will increase supply, which in turn lowers prices and increases quantity available. This will lead to an increase in consumer surplus as the price is lower and also leads to an increase in the choice of goods/services available, and therefore consumer welfare is increased.

CL
Answered by Caitlin L. Economics tutor

5175 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

What kind of effect would a national minimum wage have, is it positive or negative ?


What is demand and supply elasticity?


Explain what is meant by ‘price elasticity of demand’


What is the definition of an internal economies of scale?


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2025 by IXL Learning