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Specialization can be a detriment to a country's economy by making it overly reliant on a narrow range of industries or sectors, which increases vulnerability to market fluctuations and global competition. If a specialized industry faces a downturn, it can lead to significant job losses and economic instability. Additionally, excessive specialization may stifle innovation and diversification, limiting the country's ability to adapt to changing economic conditions. This can hinder long-term growth and resilience in the face of external shocks.
What else can I help you with?
Describe labor specialization?
Labor specialization led to a diverse West African economy. How?? I need a reason why.
When an economy relies on specialization?
trade enables individuals to obtain the goods in which they do not have a specialization
What does specialization do for the economy?
it makes it more efficient
How can specialization benefit both buyers and sellers in a free market economy?
In a free market economy, specialization benefits buyers by meeting individual needs. Specialization benefit sellers by creating a sector that is not profitable for big business.
What limits specialization in the global economy?
Trade barriers.
Describe labor specialization?
Labor specialization led to a diverse West African economy. How?? I need a reason why.
When an economy relies on specialization?
trade enables individuals to obtain the goods in which they do not have a specialization
What does specialization do for the economy?
it makes it more efficient
How can specialization benefit both buyers and sellers in a free market economy?
In a free market economy, specialization benefits buyers by meeting individual needs. Specialization benefit sellers by creating a sector that is not profitable for big business.
What limits specialization in the global economy?
Trade barriers.
How does specialization affect the economy?
Specialization increases an individual or groups productivity (and income) according to the principle of comparative advantage.
The global economy can have specialization in production because of what?
The international division of labor
Increasing specialization within the global economy depends in what?
International trade Apx
What is specialization restricted by in the global economy?
Protective tariffs
Increasing specialization within the global economy depends on what?
International Trade
How did the movement of households from rural to urban setting reduce specialization in the household production in the economy?
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How could a country develop its economy without a large supply of mineral resources?
A country can develop its economy without a large number of mineral resources by, Exporting Manufactured goods to other countrys.
