ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic Resources
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Scarcity
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Specialization
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Human Capital
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Detailed explanation-1: -Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
Detailed explanation-2: -Specialization is the practice of an individual or business focusing their productive capacity (skills, resources, etc.) on a limited set of goods and services. Specialization is important because it greatly improves productivity – the ratio of inputs to outputs.
Detailed explanation-3: -For example, one country might specialize in producing coffee beans, which gives this specific country a competitive advantage.
Detailed explanation-4: -Labor specialization. Labor specialization is now commonplace in the workplace and is an important part of production. Departmental specialization. Business specialization. Regional specialization. Country specialization. 15-Feb-2021