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4 Cards in this Set
- Front
- Back
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Definifion of specialization |
this is when a country concentrates on producing goods and services and thier No |
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Disadvantages of specialization |
1) a fall in demand 2) dependency on other countries 3) danger of unemployment in case of fall in demand 4) restrictions on international trade |
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Advantages of specialization |
1) increased output and standard of living 2) improves competition in the world market beacsue of better quality 3) provides international trade 4) helps to resist cost of production since there is high productivity |
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Definition of economic system |
is an organised way that the society allocates, produces and distributes resources and trades goods and services |
