Productivity and Specialization

What does specialization encourage and lead to?

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In college, people can major in a wide variety of fields including medicine, journalism, business, and design among others. This is an example of the concept of

• scarcity

• specialization

• elastic demand

• progressive taxation

In what way does specialization increase productivity?

• Specialization reduces scarcity

• Specialization reduces the costs of production

• Specialization increases the demand for a product

• Specialized workers are generally more highly educated

condition that occurs when someone can produce goods and services cheaper than other producers

• equalibrium price

• absolute advantage

• comparative advantage

• specialization

condition that occurs when someone can produce at a lower opportunity cost than other producers

• equalibrium price

• absolute advantage

• comparative advantage

• specialization

the development of skills and knowledge associated with one job or one area of expertise

• equalibrium price

• absolute advantage

• comparative advantage

• spcialization

What is the primary benefit of specialization in an economy?

• Increased variety of products

• Higher quality of goods

• Increased productivity

• Lower consumer prices

Which of the following is a direct result of specialization in the workforce?

• Increased unemployment

• Higher wages

• Greater efficiency

• More job opportunities

How does specialization affect international trade?

• It reduces trade barriers

• It increases trade deficits

• It enhances comparative advantage

• It leads to trade wars

What role does specialization play in the division of labor?

• It creates job redundancy

• It enhances skill development

• It reduces the need for training

• It increases job satisfaction