Asked by jo
is the act of limiting the types of goods and services produced.
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That is called specialization (or specialization of production).
Definition: specializing means concentrating resources on producing a narrow range of goods or services instead of many. Producers or countries focus on what they do best and trade for the rest.
Why it’s used: it raises efficiency and output (economies of scale, learning-by-doing) but can increase dependence and vulnerability to shocks. Example: a country that concentrates on oil production and imports manufactured goods.
Definition: specializing means concentrating resources on producing a narrow range of goods or services instead of many. Producers or countries focus on what they do best and trade for the rest.
Why it’s used: it raises efficiency and output (economies of scale, learning-by-doing) but can increase dependence and vulnerability to shocks. Example: a country that concentrates on oil production and imports manufactured goods.
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