Ask Question
Today, 05:32

How does specialization benefit both producers and consumors in a free market economy?

+2
Answers (1)
  1. Today, 06:02
    0
    Through specialization, both producers and consumers benefit. On the producer side, specialization allows producers to best use their resources in the most efficient manner possible by playing to their strengths, thus maximizing profit. On the consumer side, the fact that producers are specialized and thus efficient in their production ensures lower production costs than if products were made by less-specialized producers, translating into lower consumer-facing prices.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “How does specialization benefit both producers and consumors in a free market economy? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers