Asked by Kiran Rawal on Jul 08, 2024
Verified
Modern,highly productive economies
A) have virtually no specialization.
B) have a small degree of specialization.
C) have a substantial degree of specialization.
D) have a high degree of specialization.
Highly Productive Economies
Economies that are able to produce a significant amount of goods and services per unit of input.
Specialization
The process of focusing on and becoming an expert in a particular area of work or study, leading to improved efficiency and productivity.
- Explain the extent of expertise and independence in the economy of the United States.
Verified Answer
CD
Camryn DavisJul 10, 2024
Final Answer :
D
Explanation :
Highly productive economies have a high degree of specialization because it allows for efficiency, economies of scale, and increased productivity. Specialization enables individuals and firms to focus on their comparative advantages, leading to increased output and profits, and also facilitates trade and exchange between specialized producers.
Learning Objectives
- Explain the extent of expertise and independence in the economy of the United States.
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