Question

In the discussion of Big Idea Five, the chapter says that "self-sufficiency is death" because most of us would not be able to produce for ourselves the food and shelter that we need to survive. In addition to death, however, one could also say that self-sufficiency is boredom or ignorance. How does specialization and trade help you to avoid boredom and ignorance

Answer 1

Explanation:

This question is in the context of country. Self sufficiency in this regard means that a country is sufficient for itself, which is not logically and practically possible. As it is a universal fact that countries need each other to have them in their bad times and to support them when needed and also they need them to make the wheel of economy move. Because there are many products that a country may not be able to produce, so they ask the other countries to sell them the product to them, the most common example is oil, which is not found in all countries of the world. So many countries buy oil from the big oil producing countries.

Self sufficiency also creates boredom or ignorance which is true and can be avoided by specialization and trade. Specialization and trade means that a country trade in those product in which it is specialized and sell them to other countries. In this way the boredom is also avoided and the specialized skills of the people of the country are also enhanced.