The benefits from specialization and trade are the result of

Question

Quizplus · Accepted Answer

Specialization and trade occur where countries or individuals produce goods and services in locations where their opportunity costs are lowest. In other words, they will produce the goods and services they can produce most efficiently and then trade with others for goods and services they cannot produce as efficiently. This allows for a more efficient allocation of resources and ultimately leads to increased production and consumption opportunities for all parties involved.

The Benefits from Specialization and Trade Are the Result of