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22 October, 22:28

Specialization is important in an economy because it leads to which important economic concept?

voluntary exchange

price ceilings

government regulation

allocation of resources

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Answers (2)
  1. 22 October, 22:30
    0
    allocation of resources

    allocation of resources

    allocation of resources

    allocation of resources
  2. 22 October, 22:58
    0
    Specialization is important in an economy because it leads to the important economic concept of allocation of resources.

    Answer: allocation of resources

    Explanation:

    Specialization directly refers to the difference in the products manufactured by different producers. Distinct producers have distinct choices of production which allows them to practice specialization in manufacturing.

    When different producers manufacture different goods, the allocation of resources takes place based on what their end product is going to be. Thus, the concept of specialization directly relates to the concept of allocation of resources.
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