Asked by Morgan Hooper on Jul 11, 2024
Verified
Trade
A) allows specialization, which increases costs.
B) allows specialization, which reduces costs.
C) reduces specialization, which increases costs.
D) reduces specialization, which reduces costs.
Specialization
The practice of focusing on a narrow area of expertise to improve efficiency and productivity in production or performance.
Trade
The exchange of goods, services, or both, within or between countries or individuals.
Costs
Represents the value of resources used in the production of goods and services, often associated with expenses incurred by businesses.
- Grasp the importance and benefits of trade and specialization for individuals and economies.
Verified Answer
SS
supriya sharmaJul 16, 2024
Final Answer :
B
Explanation :
Trade allows for specialization, which in turn reduces costs because it enables countries or individuals to focus on producing goods or services where they have a comparative advantage, leading to more efficient production and lower prices.
Learning Objectives
- Grasp the importance and benefits of trade and specialization for individuals and economies.
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