Specialization

Specialization focuses on producing______________.

• a variety of activities or products.

• one particular kind of activity or product.

A focus on developing only certain skills or producing only certain goods/services

• Imports

• Exports

• Specialization

• Globalization

What conclusion can be drawn based on this information?

• To improve trade with Brazil, Mexico should specialize in oil production.

• To improve trade with Mexico, Argentina should specialize in corn production.

• To improve trade with Mexico, Brazil should specialize in machinery production.

• To improve trade with Brazil, Argentina should specialize in soybean production.

When individuals, regions, or countries specialize, they must trade with others for what they do not produce.

• True

• False

When people concentrate their efforts on producing a limited variety of goods or services.

• specialization

• scarcity

• profit

• labor

Which word is defined as "individuals and businesses producing a narrow range of products"?

• Economic interdepence

• Gross domestic product

• Exporting

• Specialization

Specialization in production leads to:

• Decreased efficiency

• Increased need for trade

• Lower quality products

• Higher unemployment rates

The state of Florida earns greater revenues from the export of oranges than does the  state of Georgia. This can be attributed to  which of the following?

• Florida has a comparative advantage as a producer of oranges.

• Georgia has a comparative advantage as a producer of oranges.

• Florida’s economy is primarily based on agricultural production.

• Georgia’s economy is focused on tourism and manufacturing.

Which is the BEST example of specialization?

• A large business makes a variety of goods.

• A country has a large number of imports but no exports.

• A farmer grows crops, harvest crops, and sells crops to individuals and businesses.

• A factory builds seats that will be sold to different car manufacturers to be installed in a variety of cars.

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

• subsistence

• specialization

• scarcity

• bartering