What is one major drawback of economic specialization for countries?

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06-04-2022
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What is one major drawback of economic specialization for countries?

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AFOKE88idn AFOKE88idn · Answer 1 · 2022-04-15T05:39:16-04:00

One major drawback of economic specialization for countries is; Countries must trade for essential goods outside of their specialization.

What is economic specialization?

Economic specialization is the process where a company or individual decides to focus their labor on a specific type of production.

Now, the overall impacts of specialization on the economy are so huge. This is because specialization in a field develops new techniques that lead to huge increase in productivity.

In conclusion, Increased economic specialization leads to higher standards of living for all those involved in economic exchanges.

Read more about economic specialization at; https://brainly.com/question/15115779

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What is economic specialization?

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