In a world with trade, no one can afford to specialize.

Question

Quizplus · Accepted Answer

Specialization allows individuals and countries to produce goods and services more efficiently, which leads to lower costs and increased trade. Trade also allows individuals and countries to access goods and services that they cannot produce themselves, leading to increased specialization and interdependence. Therefore, specialization and trade are complementary and necessary for economic growth and development.

In a World with Trade, No One Can Afford to Specialize