How does specialization benefit both producers and consumors in a free market economy?

1 answer:

7 0

<span>Through specialization, both producers and consumers benefit. On the producer side, specialization allows producers to best use their resources in the most efficient manner possible by playing to their strengths, thus maximizing profit. On the consumer side, the fact that producers are specialized and thus efficient in their production ensures lower production costs than if products were made by less-specialized producers, translating into lower consumer-facing prices.</span>

You might be interested in

What can you suggest to warner Edwards in terms of marketing strategy

inessss [21]

Answer:

Warner Bros focuses a lot on the people as an organization whether it’s the employees or the customers. The key people involved are Kevin Tsujihara (Chairman and CEO), Edward A. Romano (Vice Chairman), Toby Emmerich (President and Chief Content Officer). Its parent company TIME Warner has over 31000 employees. The Warner Bros company and its people focus on diversity that helps in multicultural expansion, workforce development and inclusive growth. It does not differentiate between its customers and focus on providing quality content to all across the globe.

I would suggest that only advertisement doesn't make people to buy it.

7 0

3 years ago

g Suppose the own price elasticity of demand for good X is -3, its income elasticity is 2, and the cross price elasticity of dem

kozerog [31]

Answer:

Sry, I can't understand anything at all!

7 0

3 years ago

Generally speaking, a narrow span of management implies that the height of the organization will be ____; a wide span of managem

Pani-rosa [81]

<span>a narrow span of management implies that the height of the organization will be long; a wide span of management implies that the height of the organization will be short.

This is because in a narrow span of management, less people work under each manager and therefore, there will be more levels of hierarchy making the height of the organization longer and the vice versa applies.
</span>

6 0

3 years ago

Both parties to a valid and enforceable contract must provide consideration. In a contract for the sale and purchase of real est

Wittaler [7]

Answer:

The correct answer is C

Explanation:

The seller consideration is the consideration which is defined as to take the property off the place as well as the market it into the escrow.

For example, if the buyer wants to bought the house, then the buyer will provide an earnest amount of money deposit (it will be the consideration of the buyer), and the seller would agree to sell the home to the buyer (it is the seller consideration).

So, in the agreement of sale and the purchase of the real estate, the seller consideration is to give the property to the buyer.

3 0

3 years ago

These are selected account balances on December 31, 2020. Land (location of the office building) $97000 Land (held for future us

Artyom0805 [142]

Answer:

$937,000

Explanation:

Calculation to determine the total net amount of property, plant, and equipment that will appear on the balance sheet

Land (location of the office building) $97000

Add Office Building 675000

Add Equipment 457000

Add Office Furniture 135000

Less Accumulated Depreciation (427000 )

Total Net Amount $937,000

Therefore the total net amount of property, plant, and equipment that will appear on the balance sheet is $937,000

4 0

2 years ago