What is it called when focusing on a narrow range of products/services that can be produced most efficiently?
A
Standard of Living
B
Voluntary Trade
C
Specialization
D
Trade Barrier
Answers
Answered by
1
Answer:
(B) voluntary trade.
I think it is right .
Answered by
1
Specialization is when you focus on a narrow range of products/services that can be produced most efficiently
Option : (C)
Explanation:
- Specialization is a form of trader which caters to specific markets. Once you go on to trade in commodities of a single type and examples are meat , fish etc.
- The moment a country possess varied opportunity costs as far as production evolves they reap in the benefit from trade and specialization.
- Some of the benefits of specialization includes consumer benefits, superior levels of economy efficiency. Even opportunity in terms of growth for competitive sector is provided.
Learn more about specialization
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