Specialization in production: Decreases total world output Increases total world output Reduces the standards of living Makes a country weak

Economics Dec 18, 2020

Specialization in production:

Decreases total world output

Increases total world output

Reduces the standards of living

Makes a country weak

Expert Solution

Increases total world output.

Specialization allows economies and individuals to concentrate where they are best talented and have sufficient resources. Inefficiencies and errors are minimized under specialization because individuals or economies exploit their advantages. As a result, the productivity increases.

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