4 ways specialisation improve economic in Liberia
Answers
Answer:
Specialization Leads to Economies of Scale
Explanation:
Once specialization occurs, resulting in economies of scale, a company is able to reduce the price for its goods or services because it costs less to make their goods or provide their services. This provides a competitive advantage in the market place.
Specialization can lead to economies of scale because it allows for increased output and better efficiencies.
Specialization has also brought drastic improvements in Liberia
Major impact can be seen in agriculture. Agriculture contributes 40% of the Gross Domestic Product (GDP) and employs about 70% of the working population in Liberia
Another specialization was done in terms to reduce imports and use local products to make Liberian economy more sustainable
Other than this specialization has helped in improving the law and order situation in Liberia and has fixed several electricity issues in the country