Which of the following best explains the term specializationwith respect to trade?
A)Specialization occurs when a people concentrate their productive resources on the goods and services they can
Produce most efficiently.
B)Specialization occurs when one person can produce more of a particular good than another person.
C)Specialization refers to the absolute advantage that a person enjoys in the production of goods and services.
D)Specialization refers to the ability of a person to produce more of a good than his or her trading partners.

Question

Quizplus · Accepted Answer

Specialization in trade occurs when countries focus on producing goods and services that they can produce most efficiently, based on their available resources and technology. This allows them to increase their productivity and output, leading to greater economic growth and increased trade. It also allows countries to take advantage of comparative advantage, which occurs when one country has a lower opportunity cost in producing a particular good compared to another country.

Which of the Following Best Explains the Term Specializationwith Respect