A major benefit of specialization is that countries become less reliant on voluntary exchanges with others.
- Specialization could simply be defined as a process of getting adequately skilled or being an expert in a certain or specific field.
- This means that one could be labeled as a master in a major field of knowledge.
- Specialization does not mean that one will not rely on other, as one will also require help in other field one is not specialized in. However, the level of reliance will reduce as the country becomes more self sufficient.
- Divison of labor isn't hampered by specialization, rather, it bolsters division of labor.
- Producing a wide range of product isn't a benefit of specialization as it requires one to be focused on a particular field.
- Specialization brings an increased level of sufficiency to countries as they become skilled an a major field, hence, ensuring that they are capable in their domain and thus gives them an economic edge.
Therefore, Specialization increases the level of self sufficiency leading to reduction in reliance on other nations.
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