Question

Why is it important for nations to economically specialize?

A.
Specialization limits the effects of globalization.

B.
Specialized economies use resources more efficiently.

C.
Specialized nations can profit from unusable resources.

D.
Specialization limits foreign influence over a nation’s economy.

Answer 1

Whenever countries have different opportunity costs in production they can benefit from specialization and trade. Benefits of specialization include greater economic efficiency, consumer benefits, and opportunities for growth for competitive sectors.

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