Asked by
Nancy Xiong
on Nov 25, 2024Verified
How does human specialization contribute toward increasing an economy's output?
A) It exploits the differences in abilities.
B) It is a process of creative destruction.
C) It pushes each worker to master the whole product.
D) It encourages people to be a "jack-of-all-trades."
Human Specialization
The process by which individuals focus on a narrow area of skills or knowledge, improving efficiency and productivity in economic systems.
Economy's Output
The total value of all goods and services produced within an economy over a certain period.
Creative Destruction
A concept in economics where innovation leads to the demise of older technologies or industries, driving economic growth.
- Understand the concept and benefits of specialization and division of labor in an economy.
Verified Answer
JM
Learning Objectives
- Understand the concept and benefits of specialization and division of labor in an economy.