When a product is specialized, customers are will to pay more in order to have access to the upgraded features. | It is not because we could not learn. 11) 12) Specialization in production is economically beneficial primarily because it: D. allows society to have fewer capital goods. allows society to have fewer capital goods. Specialization in production is hence the predominant objective here (many of the original case studies analyzed industrial districts in Europe, and especially in the Mediterranean; see Chapter 4). B) exports had to be equal to imports for a central plan to work. C. workers specialize in various production tasks. © 2003-2021 Chegg Inc. All rights reserved. C. Texas to exchange lettuce with Michigan and receive autos in return. Get the detailed answer: Specialization in production is important primarily because of it: a. results in greater total output. Specialization–the division of labor–enhances productivity and efficiency by: 24. It is primarily used to assess the health of a country's economy. Morrow and Jeffries 1989; Torrence 1986), production is studied primarily as a way to understand the mode of exchange. & Specialization in production is economically beneficial primarily because it: A. allows everyone to have a job that he or she likes. Human capital is a measure of the economic value of an employee's skill set. 5 Specialization in production is important primarily because it: A.results in greater total output. Because of specialization we have an economy of surplus of high quality goods at our finger tips. Why is specialization important? ; Feeder pig producers raise pigs from birth to about 10-60 pounds, then generally sell them for finishing. Florida flora Now, for the first time, specialization of production on a worldwide scale was a central element of economic life in all the countries that participated. I’ve had a few good production cities end up becoming secondary Great Person farms, just because I was able to build so many world wonders in them. The development of food systems can be traced back to the origins of in-situ agriculture and the production of food surpluses. Specialization in production is important primarily because it: A. results in greater total output. Specialiazation is a method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of … I especially liked the specialization of production systems management because, to me, the business aspect of agriculture is just as important as the science side. c) What will be produced? A) How will the output be produced? In the late 1960s, Charlton (1971, 1981) found a concentration of large spindle whorls at the Aztec city-state capital of Otumba that he interpreted as remains of a maguey-fiber workshop. Being at war, I made it a secondary production city — primarily because it already had production infrastructure in place. b.rents. The imbalance in attention is undeserved, not only because pro duction has just as important a role in society as does distribution but also because it may be that production is easier to study well. 13) 13) The distribution of income in a market system is a primary factor that resolves which of the following fundamental economic questions? Specialization in production is important primarily because it: a.results in greater total output. These surpluses enabled the development of settled areas and contributed to the development of ancient civilizations, particularly those in the Fertile Crescent. Hog Production; Industry Structure; Policy; Trade; Hog Production. C) allows society to avoid the coincidence-of-wants problem. B. Washington to exchange apples with Michigan and receive money in return. Craft specialization is commonly used as one indicator of social complexity, and some argue that craft specialization has important, evolutionary implications because it signifies the growth of economic power in a society (Tatje and Naroll 1970). Specialization is limited by lack of self interest hired labor. 22. For example, if a factory produces only 100 cars per year, each car will be quite expensive to make on average. Answer:Specialization in production is important because it contributes to greater total output in a marketplace. Get the detailed answer: Specialization in production is important primarily because of it: a. results in greater total output. B) Who will get the output? Economics is about the production, distribution and consumption of goods. Specialization in production is important primarily because it A results in from ECON 1510 at International Islamic University, Chittagong 23. Specialization in production is important because it contributes to greater total output in a marketplace. This preview shows page 5 - 7 out of 67 pages. D) workers, managers, and entrepreneurs could not personally gain by responding to shortages or surpluses or by introducing new and improved products. The more they focus on … D) The roundabout methods of production allocate resources from consumers to producers in an orderly fashion 10) In terms of the circular flow diagram, businesses obtain revenue through the market and make expenditures in the market. 24. Question: 9) 5) Specialization In Production Is Important Primarily Because It A) Allows Society To Have Fewer Capital Goods. The Division of and Specialization of Labor. Because surgery is complicated and has a lot of little details, and if you don’t do it often enough, you tend to forget some of those little details. allows society to avoid the coincidence-of-wants problem. Although textiles were important commodities in the Aztec political economy, it is widely held that textile production did not involve organized workshops. 27. Specialization in Production 1. c.allows society to trade by barter. a.wages. "Because it reduces the need for raw material, labor, time, space, and capital, knowledge becomes the central resource of the advanced economy (Toffler, p. 91). allows society to avoid the coincidence-of-wants problem. B) allows society to have fewer capital goods. b.allows society to avoid the coincidence-of-wants problem. A .It increases trade B. The economic concept of specialization helps answer this question, economic actors concentrate their … According to the International Monetary Fund, in 2019, the United States is the world's largest economy, followed by … B) allows society to trade by barter. 25. -results in greater total output. It makes production of goods and services more efficient C.It results in more choices and lower prices for consumers D. All of the above See answers (1) Ask for details ; Follow Report Many authors had written on economics in the centuries before Smith, but he was the first to … As a result of trade, the price ratio, or terms of trade, will lie in between the two countries’ autarky price ratios. D) allows society to avoid the coincidence-of-wants problem, 9) According to economist Donald Boudreaux in the "Last Word" section of the chapter, what best explains why the market system is not a random, chaotic mess? Specialization in production is important primarily because it A results in, 24 out of 25 people found this document helpful. -allows society to avoid the coincidence-of-wants problem. EDIT: As Quechua points out in a response post, Turfan is more ideally suited to becoming a commerce city (Gold and Desert Hill Mines aren’t particularly good production tiles). Let me take an example, that of Nutella. Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. Specialization in production is important primarily because it: A)results in greater total output B)allows society to avoid the problem of shortages C)allows society to trade by barter D)allows society to have fewer capital goods E)allows society to avoid the problem of surpluses Given the above information and assuming trade occurs between the three states we can. 22. Specialization in Production Cubias, Catalan, Cobilla 2. c.economic profits. allows society to trade by barter. Specialization in production is important primarily because it Select one: O a. allows society to avoid the coincidence-of-wants problem. C. allows society to trade by barter. University of Texas, Dallas • BUSINESS 1111, King Fahd University of Petroleum & Minerals, Test Bank for Microeconomics 19th Edition McConnell, Johnson County Community College • ECON 230, King Fahd University of Petroleum & Minerals • ECON 202, Cleveland State University • MICROECONO 978-0-07-3. D. Texas to trade lettuce directly for Washington apples. 1. Third, specialization allows businesses to take advantage of economies of scale, which means that for many goods, as the level of production increases, the average cost of producing each individual unit declines. 4 Innovation lagged in the centrally planned economies because: C. is very slightly correct. Privacy Why specialization is important: ... Why? Specialization in production is economically beneficial primarily because it: Chapter 02 - The Market System and the Circular Flow. 3 In a market economy a significant change in consumers' desire for product X will: D. do all of these. When companies are able to specialize, they... See full answer below. A key decision facing workers, firms and nations is what goods to produce. A. Washington to exchange apples with Texas and receive money in return. He contends that "the conventional factors of production -- land, labor, raw materials, and capital -- become less important as knowledge is substituted for them" (Toffler, p. 238). Specialization in production is important primarily because it: -allows society to have fewer capital goods. allows society to trade by barter. Specialization in production is economically beneficial primarily because it: The correct answer is A. allows everyone to have a job that he or she... See full answer below. A) resource: product B1 product; resource produet, financial D) capital, product 11) An economic system in which money is not used as a medium of exchange is a A) planned economy B) barter economy mixed economy D) market economy 10) ) 11) 12) 12) The incentive problem under communist central planning refers to the idea that A) planners had to direct required inputs to each enterprise. On the basis of the above information it can be said that: 26. D. allows society to have fewer capital goods. Specialization in production is important primarily because it: results in greater total output. 25. Explanation:When companies are able to special… Terms b. allows society to avoid On the basis of the above information and assuming trade occurs between the three states. O d. allows society to trade by barter. The Production City is primarily used to build your military units, but can also be used to to create some World Wonders late in the game. b. allows society to avoid 9) 5) Specialization in production is important primarily because it A) allows society to have fewer capital goods. D) allows society to trade by barter. C) the immediate effect of more investment was less consumption. C) Results In Greater Total Output. The specialization is limited by extent or the market. Specialization allows businesses to charge a higher price for the product. Specialization in production is important primarily because it: B. allows society to avoid the coincidence-of-wants problem. Specialization in production is economically beneficial primarily because it: permits the production of a larger output with fixed amounts of resources. Specialization in production is extremely important..it is the know-how and the basis for a company to do business. Answer 9 = option (c) Private property rights encourage mutual. The formal study of economics began when Adam Smith (1723–1790) published his famous book The Wealth of Nations in 1776. Specialization in production is important because it contributes to greater total output in a marketplace. D. allows society to have fewer capital goods. d.allows society to have fewer capital goods. Barter. ; Feeder pig finishers buy feeder pigs and grow them to slaughter weight. It can only happen if there is longer population 2. B) Allows Society To Trade By Barter. Specialization in production is important primarily because it: A. results in greater total output. "O b. results in greater total output (greater production) O C. allows society to have fewer capital goods. allows society to have fewer capital goods. This measure builds on the basic production input of labor measure … 11) Specialization in production is important primarily because it: A) results in greater total output. 23. D) How will the system accommodate change? Specialized City: The Production City. Specialization in production is important primarily because it: results in greater total output. People have different skills, talents, and interests, so they will be better at some jobs than at others. Specialization Leads to Economies of Scale As labor is divided amongst workers, workers are able to focus on a few or even one task. Sure, you can look them up and remind yourself how to do the surgery right. B. allows society to avoid the coincidence-of-wants problem. B. allows society to avoid the coincidence-of-wants problem. B) There is active cooperation among private property owners and government officials to correct the excesses of a market economy Private property rights encourage mutual accommodation that leads to an arrangement of resources that is productive. First, specialization in a particular small job allows workers to focus on the parts of the production process where they have an advantage. B. permits the production of a larger output with fixed amounts of Most of us do not know how to do all—or any—of those things. A) Government planning limits the chaos, and the government regulates economic activity to create stability in the market. (In later chapters, we will develop this idea by discussing comparative advantage.) Specialization in production is important primarily because it a. results in Greater total output b. allow Society to have fear capital goods c. allow Society to trade by barter d allow Society to avoid The Coincidence of wants problem The reason why is something called the division and specialization of labor, a production innovation first put forth by Adam Smith, Figure … Hogs are produced in three types of specialized enterprises: Farrow-to-finish operations raise hogs from birth to slaughter weight, about 240-270 pounds. Rather, we do not have to. View desktop site, Answer 8 = option (c) Results in greater total output If someone is specialized in production it'll be helpful to produce more output. Job specialization is particularly necessary for larger organization where the manufacturing sector would require a different category of work in individual production unit to be done by the workers. Specialization in production is important primarily because it A results in from ECON 1510 at International Islamic University, Chittagong Specialization in production is important primarily because it results in from ECON 2302 at Lone Star College System Which of the following is not an economic cost? C. allows society to trade by barter. C) results in greater total output. Course Hero is not sponsored or endorsed by any college or university. Specialization-the division of labor-enhances productivity and efficiency by: all of the means identified in the other answers.
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