A nation that practices international specialization concentrates on manufacturing the goods with the lowest opportunity costs.
Specialization is a production strategy where an organization concentrates on producing a small range of commodities to increase efficiency. For instance, many nations specialize in creating locally unique goods and services, which they then exchange for other commodities and services. Since few nations have sufficient industrial capability to be entirely self-sufficient, specialization serves as the foundation of international trade. Focusing on a single product or a small range of items allows businesses to specialize and become more effective.
A corporation or economy can benefit from specialization by increasing productivity and gaining a competitive edge. In macroeconomic specialization, the broad advantage is considered, while in microeconomic specialization, the individual players and economic components are considered.
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