What Is Gained When People Engage in Specialisation and Trade

question 18

Multiple Choice

What is gained when people engage in specialisation and trade?

• A) There are no gains from specialisation and trade.
• B) Specialisation and trade allow people to consume outside their individual production possibilities frontiers.
• C) Specialisation and trade allow people to consume at a point on their production possibilities frontiers.
• D) Specialisation and trade allow people to consume inside their production possibilities frontiers.
• E) Specialisation and trade allow people to produce outside their individual production possibilities frontiers.

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Definitions:

Technology Component

An element or part of a larger technological system that performs a specific function.

Quality Improvement

A systematic, formal approach to the analysis of performance and systematic efforts to improve it.

Organizational Success

The achievement of the key objectives and goals set by an organization, often measured by financial performance, market share, and innovation.

Business

The practice of engaging in commerce, trading, manufacturing, or services as a means of livelihood or profit.