Specialization is beneﬁcial
A) at the individual ﬁrm level, but not at the national and international levels.
B) at the individual, regional, and even international levels.
C) only if there are differences in the abilities of resources.
D) only as long as money and capital goods are employed.

Question

Quizplus · Accepted Answer

Specialization allows individuals, regions, and even countries to focus on producing goods and services that they are relatively better at producing, leading to increased efficiency and productivity. This allows for greater trade and economic growth, benefiting both the individual and the wider community. Additionally, specialization can often lead to innovation and technological advancements in specific areas, leading to further economic growth and development.

Specialization Is Beneﬁcial