Define any economic terms you use in your explanation

Reference no: EM132197946

Question: Explain why there are gains from specialization and trade. That is, explain why it may be beneficial for individuals and nations to specialize in the production of a limited subset of goods and trade with others rather than producing everything they consume for themselves. As part of your explanation, note the basis on which specialization should be based. Also, define any economic terms you use in your explanation.

Reference no: EM132197946

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