Question

specialization and trade can have both costs and benefits. read the following statements about the effects of international trade. then sort the effects into costs and benefits.
countries are more connected, so people have access to new ideas and technologies.
some people may lose their jobs because the goods they make are cheaper to produce in other countries.
competition between countries drives down prices, so goods and services become less expensive for people to buy.
countries with fewer resources struggle to compete with countries that have more resources.
costs
benefits

Explanation:

• Costs: Losing jobs (due to cheaper foreign production) and resource - poor countries' struggle (unfavorable competitive position) are negative impacts.
• Benefits: Greater connectivity (access to new ideas/tech) and lower prices (from competition) are positive impacts.

Answer:

• Costs:
• Some people may lose their jobs because the goods they make are cheaper to produce in other countries.
• Countries with fewer resources struggle to compete with countries that have more resources.
• Benefits:
• Countries are more connected, so people have access to new ideas and technologies.
• Competition between countries drives down prices, so goods and services become less expensive for people to buy.