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E1. A detailed explanation of how international trade leads to the benefits and costs identified using relevant theories for consumer, businesses and countries. International trade is where international businesses import and export their products to other countries. International trade is the exchange of products and services between countries. It is about the movement of goods, capital, services, technology and employees internationally. The three basic theories in international trade are: 1. Free trade 2. Comparative advantage 3. Economies of scale Free trade Free trade is where you trade with any country freely without any restrictions or taxes on imports. This means consumers can buy cheaper and better quality products because there has not been any tax put on the product. For example if I wanted to buy a new car and there was a tax of £10,000 on the car then it would be less likely for me to buy the car because I could a get a...

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