Question
What does specialization mean in the context of trade?
7 points
A. Producing a variety of different goods
B. Focusing on a specific type of production to increase efficiency
C. Reducing exports to focus on domestic trade
D. Avoiding international competition
7 points
A. Producing a variety of different goods
B. Focusing on a specific type of production to increase efficiency
C. Reducing exports to focus on domestic trade
D. Avoiding international competition
Answers
GPT-4o mini
In the context of trade, specialization refers to:
**B. Focusing on a specific type of production to increase efficiency.**
Specialization allows countries or individuals to concentrate on the production of goods and services they can produce most efficiently, leading to increased productivity and potentially greater economic gains through trade.
**B. Focusing on a specific type of production to increase efficiency.**
Specialization allows countries or individuals to concentrate on the production of goods and services they can produce most efficiently, leading to increased productivity and potentially greater economic gains through trade.