Asked by
Shista Shrestha
on Nov 17, 2024
Verified
The most obvious benefit of specialization and trade is that they allow us to
A) work more hours per week than we otherwise would be able to work.
B) consume more goods than we otherwise would be able to consume.
C) spend more money on goods that are beneficial to society, and less money on goods that are harmful to society.
D) consume more goods by forcing people in other countries to consume fewer goods.
Specialization And Trade
The economic practice where individuals or entities focus on a narrow area of expertise to increase efficiency and trade with others for different goods or services.
Consume More
The action or tendency of increasing the use or consumption of goods and services.
Goods
Tangible products that satisfy human wants or needs.
- Gain insight into the concept of comparative advantage and how it facilitates the benefits of specialization and trade.
- Comprehend the association between specialization and improved economic performance, demonstrating how specialization facilitates higher total production.
Verified Answer
RD
Learning Objectives
- Gain insight into the concept of comparative advantage and how it facilitates the benefits of specialization and trade.
- Comprehend the association between specialization and improved economic performance, demonstrating how specialization facilitates higher total production.