The principle of open opportunity in the marketplace means that anyone who wants to put up a business is welcome to do so. However, the success of his business rests entirely on how well it is received in the market.
Guaranteeing success to everyone in the marketplace is impossible. Competition is always present. Demand and supply can be affected by factors beyond human control.
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Answer:
Explanation:
Answer:
1. to gain a comparative advantage
2. to increase efficiency
Explanation:
Specialization involves concentrating on producing a few items that once can produce better than others.
Specializing in producing a few preferred goods and services makes a person, company, or country more efficient in resource usage. They consume fewer inputs, such as labor, while making the goods and services. The use of fewer inputs is increasing efficiently, which makes their products cost less compared to competitors.
Specialization makes a company or individual an expert in what they do. Experts make quality products. High quality at competitive prices gains a country or company comparative advantage over the others.
