Meaning of free trade and advantages of free trade
Answer Text: Free Trade AreaThis is a situation where there is unrestricted exchange of goods and services between the countriesAdvantages of free trade:-provide a variety of goods and services at lower prices.-free trade leads to specialization. This leadsto production of low cost goods.-increases employment opportunities due to mobility of factors of production.-it reduces regional difference between countries trading with each other.-free trade creates a wider market for goods and services due to expansion of foreign markets.-efficient allocation of resources as there is free transfer of capital which is necessary for industrialization.