Based on the concept of comparative advantage, a country will tend to specialize in fields where they have an advantage relative to other countries. Countries such as Australia have vast amounts of Natural Resources, so will tend to specialize in exporting mineral ore. China, with its vast labour pool will tend to specialize in manufacturing and the U.S with its vast R&D investment will tend to be the one who owns the intellectual property and patents. Though the examples given are simplistic in nature, they show that by specialising in areas where countries have an advantage they are on-the-whole better-off compared to attempting to do all the tasks; to do so would be inefficient. Hence, by allowing specialization countries are able to have a level of consumption or production greater than if trade was not conducted.
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.
specialization gives countries resources to other countries which creates an entry into the global trade.
Specialized production
Greater efficiency; increased productivity; lower unit costs
Specialization
Specialization contributes to increased opportunities for trade. Specialization will make the two countries mutually dependent upon each other, for goods they don't produce themselves.
it leads to an increase in output
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.
Longer Life Larger specialization
Canada and Australia benefit greatly from having specialization in their products and services in regards to trade. The specialization allowed Canada and Australia to trade because they have highly skilled and trained labor force. This thus allows them to easily trade and communicate amongst themselves.
specialization gives countries resources to other countries which creates an entry into the global trade.
Labor specialization helps society because everyone is expected to perform labor that can benefit other people.
Specialized production
One of the benefits of the international trade is that different economies are able to obtain a variety of goods through specialization. The other benefit of specialization is that it improves relationships between countries.
Greater efficiency; increased productivity; lower unit costs
Please rewrite. You need to finish your thoughts.
Specialization