--%>
Assignment Help - homework help

Exchange is the necessary consequence of specialization

Explain: “Exchange is the necessary consequence of specialization.”

E

Expert

Verified

When resources are specialized, they are no longer self-sufficient. Exchange is essential to attain the products as well as services which one requisite. Moreover, result in specialization will be in excess of precise products which is being produced.  The excess of one product will be over the excess manufacture of other products.

   Related Questions in Business Economics

  • Q : Distinguish between the resource market

    Distinguish between the resource market and product market in the circular flow model.  In what way are businesses and households both sellers and buyers in this model?  What are the flows in the circular flow model?

    		•
  • Q : Describe Low financial leverage and low

    Describe briefly Low financial leverage, low operating leverage?

    		•
  • Q : Average Revenue and Marginal Revenue

    When the market price is $25, then the average revenue of selling five units is: w) $5. x) $12.50. y) $25. z) $125. Please guys help me to solve out this type of problem regarding profit in a perfectly competitive market

    		•
  • Q : Exploit consumers in highly competitive

    This is difficult for firms within highly competitive markets to exploit consumers since: (i) consumer advocates organize boycotts that generate bad publicity. (ii) market pressures force fair distributions of products. (iii) the government sets price

    		•
  • Q : What do you mean by Supply What do you

    What do you mean by Supply?

    		•
  • Q : Elucidate redistribution of income

    Elucidate redistribution of income?

    		•
  • Q : How demand is influenced by price

    Describe how the demand for a good is influenced by the price of its associated goods. Give illustrations.

    		•
  • Q : Laffer curve & Tax rate Question: Do

    Question: Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change? Using the 'human capital' investment model,

    		•
  • Q : Inefficiencies and inequities by

    An employer that exaggerates the safety of a position or the prospects for advancement to job applicants makes inefficiencies as well as arguable inequities due to: (1) signaling. (2) credentialism. (3) screening. (4) adverse selection. (5) a moral hazard.

  • Q : Roundabout production Describe the

    Describe the merits of “roundabout” production?  Describe the term “division of labor”?

    		•