What answer choice describes economic specialization?
A.
An economy in which the government controls the means of production.
B.
An economy in which all economic barriers to trade have been eliminated.
C.
An economy in which producers produce the goods they can create most efficiently and trade for others.
D.
An economy in which producers look to the past in order to answer the three basic economic questions.
3 answers
C. An economy in which producers produce the goods they can create most efficiently and trade for others.
Israel has few mineral resources and agriculture is difficult in the region due to water scarcity. How does Israel maintain a high standard of living?
A.
by specializing in low-skilled industries
B.
by specializing in high technology and service industries
C.
by creating barriers to trade to lessen the impact of foreign competition
D.
by creating alliances with neighboring countries to ensure access to resources
A.
by specializing in low-skilled industries
B.
by specializing in high technology and service industries
C.
by creating barriers to trade to lessen the impact of foreign competition
D.
by creating alliances with neighboring countries to ensure access to resources
B. By specializing in high technology and service industries