Specialization and Trade

What is the main benefit of voluntary trade?

• Increased productivity

• Specialization of workers

• Development of specialized tools

• Exchange of goods

What did Adam Smith call the specialization of workers?

• Division of labor

• Specialized tools

• Productivity increase

• Trade benefits

What is one advantage of specialization for individual workers?

• Increased productivity

• More free time

• Higher wages

• Job security

What is one advantage of specialization for businesses?

• Increased profits

• Lower costs

• Higher customer satisfaction

• Improved work-life balance

What is one advantage of specialized tools for workers?

• Increased efficiency

• Reduced physical effort

• Improved safety

• Enhanced creativity

What is the purpose of containers in shipping?

• To store cargo

• To increase productivity

• To transport goods

• To protect items

What is one advantage of specialized technology in shipping?

• Faster offloading

• Lower shipping costs

• Reduced environmental impact

• Improved cargo security