Question

Individuals and countries specialize because the opportunity cost of producing goods and services: Multiple choice question.

Answer 1

Individuals, corporations, and economies specialize because the opportunity cost of producing goods and services differs from country to country, business to business, and individual to individual.

Persons, Corporations, and Economies are bound to specialize in the production of goods and or services in which they hold a stronger comparative advantage than their competition.

What is comparative advantage?

This is defined as the ability of an individual, corporate entity, or national to perform an economic activity more efficiently or at a lower (opportunity cost) than the other.

Examples of economic activities are:

• Resource management
• production of services and goods
• distribution of services and goods
• consumption of services and goods

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