ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Voluntary Trade
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Specialization
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Currency Exchange
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Trade Barrier
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Detailed explanation-1: -Specialization in business involves focusing on one product or a limited scope of products so as to become more efficient.
Detailed explanation-2: -specialization – focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
Detailed explanation-3: -Specialization Leads to Economies of Scale As labor is divided amongst workers, workers are able to focus on a few or even one task. 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.
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