Asked by
sukhvir singh
on Nov 25, 2024Verified
Specialization in production is important primarily because it
A) results in greater total output.
B) allows society to avoid the coincidence-of-wants problem.
C) allows society to trade by barter.
D) allows society to have fewer capital goods.
Total Output
The total quantity of goods and services produced by an economy, sector, or individual producer over a specified period.
Coincidence-of-Wants Problem
Refers to the difficulty in barter transactions where each party needs to have what the other wants and be willing to trade for it simultaneously.
Trade by Barter
The exchange of goods or services between parties without the use of money as a medium of exchange.
- Realize the value of specialization and the partitioning of labor in amplifying productivity and economic efficiency.
Verified Answer
CM
Learning Objectives
- Realize the value of specialization and the partitioning of labor in amplifying productivity and economic efficiency.