Pls hurry Which effect does specialization have on the overall economy? decrease in trade improved productivity higher unemployment fewer natural resources
Law · Middle School · Mon Jan 18 2021
Answered on
Specialization has the effect of improved productivity on the overall economy. When workers or countries specialize, they focus on the production of a limited range of goods or services where they have an advantage due to factors like skill sets, climate, or resources. This leads to increased efficiency because specialized entities become very good at producing their specific goods or services with fewer resources and time. As a result, more can be produced in total, raising the overall level of production and the potential for economic growth.