BENIFITS: Gains from trade when country specialize in the manufacturing and export of products th...

1. WEEKNESS: Importing product in certain industries from other countries takes away job opportunities for the home country.

1.1. FREE TRADE: The absence of government-imposed barriers, such as quotas, or duties, that impede the free from of good and service between countries.

1.1.1. INTERNATIONAL TRADE THEORY

1.1.1.1. MERCANTILISM

1.1.1.1.1. Economic philosophy advocating that countries should simultaneously encourage exports and discourage import

1.1.1.1.2. Problem: Zero-Sum Game, which is a situaition where a gain by one country results in a loss by another.

1.1.1.2. LAISSEZ-FAIRE

1.1.1.2.1. The government /Leader has no obligation to control or economic restrictions

1.1.1.2.2. Let them do the work where they excel and proficient in their field that you need to trust team to their work

1.1.1.3. SOCIALISM

1.1.1.3.1. ECONOMY

1.1.1.4. THEORY OF SOCIO-ECONOMIC DEVELOPMENT

1.1.1.4.1. In the science that deals with how a society allocates scarce resources to create products to satisfy society's unlimited needs and wants

1.1.1.5. MSME'S

1.1.1.5.1. A Government agency that aims to improve the life of every filipino