ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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directly swapping goods from one country to another without having to use money
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trying to avoid investing in industry and technology because of the expense involved
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producing all goods and services needed for a country’s growth so that trade with other countries is not needed
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producing goods that a country can make most efficiently so they can trade them for goods made by others that they cannot produce locally
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Detailed explanation-1: -Specialization in economics is the process of an organization concentrating its labor and resources on a certain type of production to be more efficient and create a comparative advantage for an economy.
Detailed explanation-2: -Specialization refers to the tendency of countries to specialize in certain products which they trade for other goods, rather than producing all consumption goods on their own. Countries produce a surplus of the product in which they specialize and trade it for a different surplus good of another country.
Detailed explanation-3: -Specialization Leads to Economies of Scale The more they focus on one task, the more efficient they become at this task, which means that less time and less money is involved in producing a good. Or put another way, the same time and the same money allows for the production of more goods.
Detailed explanation-4: -Specialization is good in trade because both nations entering into trade agreements can benefit. Both nations not only save time and resources, but they will also be able to increase the overall output in their respective nations.