Specialization and trade are beneficial to society because:
A)the output of economic goods may be increased with no increase in resources.
B)scarce resources are utilized more efficiently.
C)a division of labour lowers prices for products.
D)all of the above are correct.

Question

Quizplus · Accepted Answer

Specialization allows individuals or businesses to focus on producing goods or services that they are most efficient at, leading to increased output without having to use more resources. This efficient use of resources also leads to lower costs and prices for consumers, which benefits society as a whole. Additionally, by specializing and trading, individuals and businesses can access a wider range of goods and services than they could produce themselves, further increasing the overall welfare of society.

Specialization and Trade Are Beneficial to Society Because