Asked by
Hitesh Rajain
on Nov 11, 2024
Verified
Specialization of labor means that:
A) production requires a special kind of labor.
B) the overall skill level of labor is increasing over time.
C) individuals produce goods that they are relatively good at producing and trade for those that they do not produce.
D) individuals achieve self-sufficiency in production by producing all the goods that they require.
E) exchange within the economy consists of trading in services.
Specialization Of Labor
A process where individuals or groups focus on performing specific tasks or roles to increase efficiency and output.
Relatives
Individuals who are connected by blood or marriage and may have legal obligations or strong emotional ties to each other.
Trade
The action of buying, selling, or exchanging goods and services between people or countries.
- Acknowledge the function of dividing labor and specializing in the dynamics of economic exchange.
Verified Answer
EG
Learning Objectives
- Acknowledge the function of dividing labor and specializing in the dynamics of economic exchange.