. The outcome is higher total output and greater global economic welfare.
By specializing and trading based on comparative advantage, each producer increases his total output. This maximizes the total amount of goods available in the economy and improves living standards for everyone involved.
. The outcome is higher total output and greater global economic welfare.
By specializing and trading based on comparative advantage, each producer increases his total output. This maximizes the total amount of goods available in the economy and improves living standards for everyone involved.
. The outcome is higher total output and greater global economic welfare.
By specializing and trading based on comparative advantage, each producer increases his total output. This maximizes the total amount of goods available in the economy and improves living standards for everyone involved.

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