Specialization and exchange. - SS1 Commerce Past Questions and Answers - page 1
1
What is specialization?
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A
Focusing on specific tasks or areas of expertise
B
Producing a wide range of goods or services
C
Trading surplus resources
2
What does specialization lead to?
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A
Increased productivity and efficiency
B
Decreased trade opportunities
C
Lack of diversity in goods and services
3
What is exchange?
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A
Producing a wide range of goods or services
B
Trading goods or services with others
C
Focusing on specific tasks or areas of expertise
4
What does exchange facilitate?
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A
Specialization and division of labor
B
Increased self-sufficiency
C
Decreased economic growth
5
What is the purpose of exchange?
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A
To increase costs and inefficiency
B
To limit competition between individuals or businesses
C
To obtain goods or services not produced directly
7
How does exchange encourage specialization?
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