Asked by lydia snyder on Jul 05, 2024
Verified
With specialization in a market economy, individual
A) firms produce a wide range of products.
B) producers consume little or none of the products they produce.
C) producers consume most of the output that they produce.
D) consumers have to produce most of what they consume.
Market Economy
An economic system in which supply and demand drive the production and distribution of goods and services, with minimal government intervention.
Specialization
Focus on a narrow area of expertise or production to increase efficiency and output.
- Gain knowledge of the theory and merits of differentiation and task allocation in an economic setting.
Verified Answer
KA
Kimberlin ArnoldJul 11, 2024
Final Answer :
B
Explanation :
Specialization in a market economy means that producers focus on producing a limited range of goods or services. This allows for efficiency and expertise in those areas. However, it also means that producers will consume little to none of the products they produce themselves, as they rely on trading their specialized goods or services for the other products they need or want.
Learning Objectives
- Gain knowledge of the theory and merits of differentiation and task allocation in an economic setting.
Related questions
A Production System Where Various Workers Concentrate on Different Specialized ...
Division of Labor Leads to Increased Job Specialization
Specialization-The Division of Labor-Enhances Productivity and Efficiency by ...
Specialization in Production Is Economically Beneficial Primarily Because It ...
The Coincidence of Wants Problem Associated with Barter Refers to ...