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

voluntary exchange

price ceilings

government regulation

allocation of resources

Question

Alexandra Sharp

History

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

+4

Answers (2)

Know the Answer?

Alessandra Blackburn · Answer 1

allocation of resources

allocation of resources

allocation of resources

allocation of resources

Claudia Salazar · Answer 2

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.

Specialization is important in an economy because it leads to which important economic concept?voluntary exchangeprice ceilingsgovernment regulationallocation of resources

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

voluntary exchange

price ceilings

government regulation

allocation of resources