Asked by Drayven Fenton on May 03, 2024
Verified
Specialization of labor means that:
A) production requires a special kind of labor.
B) the overall skill level of labor is increasing.
C) individuals produce goods other than those they want to consume.
D) individuals achieve self-sufficiency in production.
E) exchange within an economy consists of trading in services.
Specialization Of Labor
The practice of dividing labor into specific, narrowly defined tasks to increase efficiency and productivity.
Production
The process of creating goods or services using input resources like labor, materials, and technology.
Self-Sufficiency
The ability of an individual, household, or country to maintain itself without external assistance, relying on its own resources and capacities.
- Understand the significance of specialization and division of labor in economic transactions.
Verified Answer
Learning Objectives
- Understand the significance of specialization and division of labor in economic transactions.
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