Specialization of labor means that:
A)production requires a special kind of labor.
B)the overall skill level of labor is increasing over time.
C)individuals produce goods that they are relatively good at producing and trade for those that they do not produce.
D)individuals achieve self-sufficiency in production by producing all the goods that they require.
E)exchange within the economy consists of trading in services.

Question

Quizplus · Accepted Answer

Specialization of labor means that individuals specialize in producing the goods that they are relatively good at producing and then trade these goods for others that they do not produce. This leads to more efficient production and increases overall productivity.

Specialization of Labor Means That