ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Producing all goods that the country needs so that trade with other countries isn’t necessary
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Trying to avoid investing in capital goods because it’s too expensive
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Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally
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Directly trading goods with another country without having to use money
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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 can increase productivity and provide a comparative advantage for a firm or economy. Microeconomic specialization involves the individual actors and economic components, and macroeconomic specialization involves the broad advantage an economy holds in production.
Detailed explanation-3: -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-4: -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.