Question

Which of the following provides a service rather than a good?

Answer 1

Answer:

Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. Many countries, for example, specialize in producing the goods and services that are native to their part of the world, and they trade them for other goods and services.

This specialization is thus the basis of global trade, as few countries have enough production capacity to be completely self-sustaining.