Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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Question
Chapter 18.1, Problem 3R
To determine
To discuss: The importance of specialization to a country.
Expert Solution & Answer
Explanation of Solution
Specialization refers to the situation when a country produces more of goods it has specialization in and export it to other countries. This makes specialization profitable for the country.
For example, Country A has specialization in producing good A at lower costs than producing good B. If specialization is followed, company A will allocate all of its resources to produce more of good A and trade to other countries. They may trade some for good B as well.
Therefore, the country benefits from producing more of good that can be produced at lower cost and export it to other countries.
Chapter 18 Solutions
Economics Today and Tomorrow, Student Edition
Ch. 18.1 - Prob. 1RCh. 18.1 - Prob. 2RCh. 18.1 - Prob. 3RCh. 18.1 - Prob. 4RCh. 18.2 - Prob. 1RCh. 18.2 - Prob. 2RCh. 18.2 - Prob. 3RCh. 18.2 - Prob. 4RCh. 18.3 - Prob. 1RCh. 18.3 - Prob. 2R
Ch. 18.3 - Prob. 3RCh. 18.3 - Prob. 4RCh. 18.3 - Prob. 5RCh. 18 - Prob. 1AACh. 18 - Prob. 2AACh. 18 - Prob. 3AACh. 18 - Prob. 4AACh. 18 - Prob. 5AACh. 18 - Prob. 6AACh. 18 - Prob. 7AACh. 18 - Prob. 8AACh. 18 - Prob. 9AACh. 18 - Prob. 10AACh. 18 - Prob. 11AACh. 18 - Prob. 12AACh. 18 - Prob. 13AACh. 18 - Prob. 14AACh. 18 - Prob. 15AACh. 18 - Prob. 16AACh. 18 - Prob. 17AACh. 18 - Prob. 18AACh. 18 - Prob. 20AACh. 18 - Prob. 21AACh. 18 - Prob. 22AACh. 18 - Prob. 23AA
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