Specialization and exchange. - SS1 Commerce Past Questions and Answers - page 1
What is specialization?
Focusing on specific tasks or areas of expertise
Producing a wide range of goods or services
Trading surplus resources
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What does specialization lead to?
Increased productivity and efficiency
Decreased trade opportunities
Lack of diversity in goods and services
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What is exchange?
Producing a wide range of goods or services
Trading goods or services with others
Focusing on specific tasks or areas of expertise
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What does exchange facilitate?
Specialization and division of labor
Increased self-sufficiency
Decreased economic growth
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What is the purpose of exchange?
To increase costs and inefficiency
To limit competition between individuals or businesses
To obtain goods or services not produced directly
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Name on benefit of specialization
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How does exchange encourage specialization?
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