Explain one benefit of the UK developing free-trade agreements with non-EU countries

It would enable UK firms to trade in foreign markets without tariffs, this is beneficial because the Uk firms would be more competitive with their goods being lower priced. It would also allow for foreign firms to supply more easily into the UK market and this would mean UK consumers would have a larger variety of goods to choose from.

OB

Related Economics GCSE answers

All answers ▸

Explain why the demand for food is relatively price inelastic.


Explain the difference between direct and indirect costs.


What are the factors that could affect the exchange rate?


How can you calculate the Price and Quantity at a market equilibrium given the Demand curve P = 20 - Q and the Supply curve P = 3Q