SSEF3

How does specialization encourage international trade? 

• When countries specialize in one product, they can master it and sell it to other nations. 
• When countries make many different products, they do not have to trade. 
• Specialization uses resources from many countries. 
• Specialization does not encourage international trade.

Which is the best example of specialization?

• A surf shop lowers the price on swimsuits.
• A dry cleaner spends extra time on grease spots.
• An assistant in a tailoring shop only replaces zippers.
• An online clothing outlet offers customized monograms.

How does division of labor increase productivity?

• Workers require minimal training.
• Workers require minimal training.
• Workers become expert at one task.
• Workers move often from job to job.

In a voluntary exchange, why do people give something up?

• to increase their self-sufficiency
• to get something they want more
• to allocate scarce resources fairly
• to allocate scarce resources fairly

What's the relationship between specialization and voluntary exchange?

• specialization leads to a need for voluntary exchange
• specialization exists because of voluntary exchanges
• voluntary exchanges causes specialization
• voluntary exchange negates the need for specialization

•Workers perform fewer tasks in order to operate more efficiently

• Land
• Division of Labor
• Factors of Producation 
• Marginal Benefit

A focus on developing only certain skills or producing only certain goods/services

• Imports
• Exports
• Specialization
• Globalization

when people are experts in their field to the degree that they can offer services for sale to customers, they are demonstrating which of the following economic concepts?

• division of labor
• specialization
• paradox of value

Mrs. Pinero opens her own store, selling pink pencils. Her business is an example of

• Division of labor
• Mass production
• Specialization
• Pinkship

Division of labor is a characteristic of 

• home craft businesses
• assembly line production
• classroom education
• entrepreneurship