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Content: The more efficient production means much more abundant output. Specialization
Specialization means using the resources of and individual, firm, region, or nation to produce one or a few goods or services rather than the entire range of goods and services. Human Specialization (Division of Labor)
1) It makes use of differences in ability. 2) It fosters learning by doing. 3) It saves time. Geographic Specialization
It reserves land for a specific use to produce a specific range of products. Use of Money
A medium of exchange. Barter
This occurs when swapping goods for goods. An Economic System responds to the economizing problem by asking...
1) What goods and services will be produced? 2) How will the goods and services be produced?