Specialization entails:
A)interdependence.
B)division of labor.
C)need for exchange.
D)all of the above.
E)none of the above.

Question

Quizplus · Accepted Answer

Specialization involves interdependence among individuals, division of labor and a need for exchange. These three elements are essential components of specialization. Interdependence is necessary because specialized individuals depend on each other to complete the production process. Division of labor means that each individual focuses on a specific task, and exchange is required to trade goods and services between different specialized individuals or firms.

Specialization Entails