If every country specializes in what it produces best and then trades,more will be produced than if each country tries to produce everything for its own needs.

Question

Quizplus · Accepted Answer

This statement is based on the principle of comparative advantage, which states that a country should specialize in producing the goods and services in which it has a lower opportunity cost than other countries. By doing so, each country can produce more efficiently and at a lower cost, leading to increased overall production and trade.

If Every Country Specializes in What It Produces Best and Then