How does specialization enable countries to trade with one another Quizlet
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Introductory Business Statistics1st EditionAlexander Holmes, Barbara Illowsky, Susan Dean 2,174 solutions How does the specialization enable countries to trade with one another?Specialization refers to the tendency of countries to specialize in certain products which they trade for other goods, rather than producing all consumption goods on their own. Countries produce a surplus of the product in which they specialize and trade it for a different surplus good of another country.
Why is specialization An important reason for trade quizlet?Why is specialization a good idea in trade? It allows nations to export the products they produce best and import the products that other nations produce best.
Why does specialization often result from international trade quizlet?Why does specialization often result from international trade? Nations take advantage of resources available to them.
Which of the following explains why countries specialize in particular products?Answer and Explanation: Countries specialize in the production of certain goods because of comparative advantage. Countries have a comparative advantage in producing certain goods due to the lower opportunity costs of producing one good over the others.
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