People benefit by participating in the market because

Question

Quizplus · Accepted Answer

Market participation allows individuals to specialize in the production of goods and services they are most efficient at producing. By specializing, they can produce more of that good or service at a lower opportunity cost than if they tried to produce everything themselves. By trading with other individuals who have also specialized, they can obtain a variety of goods and services at a lower cost than if they had to produce everything themselves. This ultimately leads to a higher standard of living and more consumption opportunities for all participants in the market.

People Benefit by Participating in the Market Because