Specialization and trade can make everyone better off if a person can obtain goods at prices that are less than that person's opportunity cost.

Question

Quizplus · Accepted Answer

Specialization and trade allow individuals and countries to focus on producing goods in which they have a comparative advantage, leading to more efficient production and the possibility of obtaining goods at lower opportunity costs than if they tried to produce everything themselves. This can make all parties involved better off.

Specialization and Trade Can Make Everyone Better Off If a Person