If people tried to produce most of what they need on their own, then this would lead to a more efficient use of the economy's resources.Difficulty: 01 Easy
Learning Objective: 02-02 List the main characteristics of the market system.Test Bank: II Topic: Characteristics of the Market System

Question

Quizplus · Accepted Answer

Producing most goods individually would lead to inefficiencies due to lack of specialization and economies of scale, which are benefits of a market system.

If People Tried to Produce Most of What They Need