Answer:
- Gains from trade
- Consumer Satisfaction
- Greater Efficiency
- Growth Opportunities
Explanation:
According to Investopedia, specialization is a method of production where an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
A country can specialize on the production of a particular commodity or service that is peculiar to their part of the world giving them the opportunity to become very efficient and have more opportunities for growth. Some of the benefits of specialization in a country include;
- Economies of scale/ greater efficiency: A country that is involved in specialized production will have very efficient production because the more focus they have on one task, the more efficient they become at this task which reduces the time and money involved in producing a good.
- Gains from trade: Two countries that both have comparative advantages on different products will benefits greatly if they continue in their specialized products and trade. For example country X produces fabric at a very cheap rate and country Y produces rice at a very cheap rate. It will cost country X a greater amount to start rice production than to just trade and get rice from country Y and vice versa. So both countries benefit from specializing and trading.
- Growth Opportunities: A country can gain access to the world market which allows them to grow bigger and in turn increase their efficiency.
- Consumer Satisfaction: Specialization means that cost of production is lower which makes the cost of goods relatively cheaper.
The senate is the upper house of congress
Answer:
United States is the strongest economy
Tuvalu is the weakest economy
Explanation:
United States has a GDP of$20.5 trillion the population is 327.2 millio GDP per capita $62,869
Tuvalu is the world's smallest national economy, with a GDP of about $32 million, because of its very small population, a lack of natural resources, reliance on foreign aid, negligible capital investment, demographic problems, and low average incomes.
Here’s South Africa
Living in a country like South Africa, there are many natural riches to inspire and create exceptional pieces of jewellery. Aside from some of the world’s most magnificent diamonds and gemstones, the flora, fauna and multi-cultural colourful nature of the country creates a true haven for artistic inspiration.
There are intellectual property laws globally that provide protection for jewellery designs which may vary according to jurisdiction including trade marks, designs, copyright, traditional knowledge and advertising laws. Below is a short note on the applicability of the trade mark law in South Africa.
Explanation:
Stern et al. (1999) and Stern (2000), define this variable as those general visions about the world, reflected in the beliefs that people express about their relationship with the environment and nature.
