Asked by Hannah Austin on May 14, 2024
Verified
In economics,specialization means:
A) producing something using only one type of natural resource.
B) producing something using only labor.
C) focusing efforts on a particular product or a single task.
D) producing only one unit of output.
E) producing something using only one unit of a variable resource.
Specialization
The process of focusing on and becoming an expert in a particular field or task, potentially leading to increased efficiency and productivity.
Particular Product
A specific good or service that is distinct among others due to unique characteristics or qualities.
- Explain how specialization and division of labor relate to the production possibility frontier.
Verified Answer
SK
SAMBIT KUMAR MahapatraMay 17, 2024
Final Answer :
C
Explanation :
Specialization in economics refers to the act of focusing efforts on a particular product or a single task. This can lead to increased efficiency and productivity as individuals, firms, and countries can specialize in what they do best and trade with others for goods and services they cannot produce as efficiently.
Learning Objectives
- Explain how specialization and division of labor relate to the production possibility frontier.
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