ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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specialization
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opportunity cost
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voluntary exchange
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competition
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Detailed explanation-1: -Specialization involves focusing on a specific skill, activity, or production process, such as a South American company harvesting bananas, to become the leader or expert.
Detailed explanation-2: -Specialization happens when people and businesses concentrate on producing what they are good at, or even better, the best at. For example, Starbucks specializes in serving standardized coffee while KFC specializes in fried chicken and chicken hamburgers.
Detailed explanation-3: -There are two main sides of specialization: microeconomics and macroeconomics. Microeconomic specialization involves the division of labor between specialized individuals to optimize processes. Macroeconomic specialization is a large-scale specialization of regions and nations.
Detailed explanation-4: -An automotive part retailer is a retail business that sells automotive parts and related accessories to both consumers and professional repair shops, through physical stores and websites. Some automotive parts retailers also offer customer support and services related to automotive maintenance and repair.