Specialization and trade increase the world's output of goods and services.

Name: Specialization and trade increase the world's output of goods and services.
Brand: Quizplus
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Question

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Specialization allows individuals, firms, and countries to focus on producing goods and services for which they have a comparative advantage, leading to more efficient production. Trade enables these entities to exchange their specialized outputs, increasing the overall availability and variety of goods and services in the world.

Specialization and Trade Increase the World's Output of Goods and Services