Specialization and trade are beneficial to society because: a) the output of economic goods may...
Question:
Specialization and trade are beneficial to society because:
a) the output of economic goods may be increased with no increase in resources.
b) scarce resources are utilized more efficiently.
c) a division of labour lowers prices for products.
d) all of the above are correct.
Trade:
Trade, an economic term, is used to define the economic transaction that is made by the people of the same country or different countries. Domestic trade explains the trade within the economy, while international trade explains the trade between two or more countries.
Answer and Explanation: 1
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View this answerThe correct option is d) all of the above are correct.
Explanation:
Specialization is when an individual has the ability to generate commodity or...
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International Trade Organizations and Trade Agreements
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Chapter 30 / Lesson 9
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International trade organizations and trade agreements regulate, influence, and control elements of the international economic landscape. Learn more about international trade, staple trade agreements, tariffs, free trade, treaties, the World Trade Organization.
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