1. Why is specialization an essential ingredient in the process of? exchange?
A. It allows us to produce everything we want for ourselves.
B. It allows us to make the best use of our limited resources by doing the things that we are best at doing.
C. Trade can only occur with specialization.
D. It increases the amount of scarce resources? available, thus allowing society to produce more goods and services.
2. How do specialization and exchange work together to make society? wealthier?
A. When people? specialize, it makes exchange more? likely, and greater material wealth is created.
B. The process of exchange enables? specialization, allowing people to focus on producing what they are best at.
C. It increases? producer, consumer, and cooperative surplus.
D. All of the above.