Specialization in production is economically beneficial primarily because it:
A)allows everyone to have a job which they like.
B)permits the production of a larger output with fixed amounts of resources.
C)facilitates trade by bartering.
D)guarantees full employment.

Question

Quizplus · Accepted Answer

Specialization in production allows individuals to focus on producing the goods and services they are most efficient at, which leads to a larger output using fixed resources. This increased efficiency and output can result in economic benefits such as lower costs, increased profits, and higher standards of living. However, specialization does not guarantee full employment, allow for bartering, or ensure that everyone has a job they like.

Specialization in Production Is Economically Beneficial Primarily Because It