QUESTION IMAGE
Question
because of their relatively small national economies, which of the following is most likely considered to be the most important factor for belgium, korea, and canada to take full advantage of specialization?
○ division of labor
○ international trade
○ economies of scale
○ command economy
Specialization allows countries to produce goods and services they have a comparative advantage in. For countries with small national economies like Belgium, Korea, and Canada, international trade enables them to access larger markets for their specialized products and obtain goods they don't produce efficiently. Division of labor is more about internal production organization, economies of scale relate to cost - benefits of large - scale production, and a command economy is a different economic system type. International trade is key for them to fully benefit from specialization.
Snap & solve any problem in the app
Get step-by-step solutions on Sovi AI
Photo-based solutions with guided steps
Explore more problems and detailed explanations
international trade