what is gained when people engage in specialization and trade?\nspecialization and trade allow people to…
what is gained when people engage in specialization and trade?\nspecialization and trade allow people to consume at a point on their production possibilities frontiers.\nspecialization and trade allow people to consume outside their individual production possibilities frontiers.\nspecialization and trade allow people to produce outside their individual production possibilities frontiers.\nspecialization and trade allow people to consume inside their production possibilities frontiers.\nthere are no gains from specialization and trade.
Answer
Brief Explanations:
The production - possibilities frontier represents the combinations of goods and services an individual or a country can produce given its resources and technology. Specialization based on comparative advantage and trade allow individuals or countries to consume a combination of goods and services that they could not produce on their own, which means they can consume outside their individual production - possibilities frontiers.
Answer:
Specialization and trade allow people to consume outside their individual production possibilities frontiers.