Explain the concept of comparative advantage with respect to individual differences, and how wealth is generated through this process

Why do people specialise and trade with one another? Is there a winner and a loser or two winners? Explain the concept of comparative advantage with respect to individual differences, and how wealth is generated through this process. Is there a fundamental difference*between trading with somebody in your own country or someone from a different country? Explain how international trade helps or harms a country, including contemporary or historical examples. Why do governments sometimes try to hinder trade, e.g through tariffs on imports? Evaluate whether governments should be acting to enable more international trade (e.g. through free trade agreements) or to restrict it (e.g. through tariffs on imports).(for background: module 10D) (*note: by “fundamental difference” we mean the fundamental nature of the action as discussed in Part 1. Not meaning obvious things like shipping costs)

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