WORLD HISTORY

Detailed explanation-1: -Specialization in the global economy is restricted by tariff. Specialization is a concept in free trade where it states that the world would be better off if countries focus or specialize in producing the goods which they have the least opportunity cost.

Detailed explanation-2: -1. When an economy can specialize in production, it benefits from international trade. 1 If, for example, a country can produce bananas at a lower cost than oranges, it can choose to specialize and dedicate all its resources to the production of bananas, using some of them to trade for oranges.

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: -Answer and Explanation: Countries specialize in producing certain goods to gain a comparative advantage. Economies that promote their comparative advantages in producing a particular good are able to maximize the benefits of international trade.