Question

2) If a country, like the US, can produce all of the goods and services needed by

Answer 1

Answer:

See below

Explanation:

Specialization means a company or country concentrating on producing few commodities. In practice, a state or company will focus on the products it can produce more efficiently. It means focusing on goods they can manufacture at a lower cost compared to other countries.  

The USA can specialize in the goods and services it can produce at a lower cost than other nations. It can then export these products to other countries at competitive prices. For products that are costly to manufacture in the USA, it is prudent to import them from countries that can produce them at lower costs.  

Some products manufactured in other countries at a lower cost may be sold in the USA at fair prices than when produced in the USA.