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Nancy Xiong
on Nov 25, 2024

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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.
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Jahmeka MattearNov 26, 2024
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