The above statement mentioned with regard to specialization is false.
<h3>What is Specialization?</h3>
Specialization refers to the process in which a person and firm has the special advantage in the field of production activities. The various forms of specialization are International specialization, Regional specialization and Industrial specialization.
Even though trade is useful in many ways, such as boosting living standards and promoting international peace and security, it has negative implications, such as unwelcome competition for local firms, and hence is not beneficial to everyone.
Therefore, it can be concluded that the above statement is false.
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