Which of the Following Best Explains the Term "Specialization" with Respect

question 171

Multiple Choice

Which of the following best explains the term "specialization" with respect to trade?

• A) Specialization occurs when a people concentrate their productive resources on the goods and services they can produce most efficiently.
• B) Specialization occurs when one person can produce more of a particular good than another person.
• C) Specialization refers to the absolute advantage that a person enjoys in the production of goods and services.
• D) Specialization refers to the ability of a person to produce more of a good than his or her trading partners.