International specialization according to the principle of comparative advantage:

Question

Quizplus · Accepted Answer

International specialization according to the principle of comparative advantage reduces the scarcity problem by allowing countries to produce goods in which they have a lower opportunity cost, increases a country's dependence on markets and trade as they specialize in certain goods and need to trade for others, and increases the total output of goods and services available to the world economy by ensuring that resources are used more efficiently.

International Specialization According to the Principle of Comparative Advantage