Question

20 which statement best describes the concept of specialization in economics?
b. specialization involves individuals or entities focusing on a limited range of activities to increase efficiency and productivity
d. specialization is the practice of reducing production costs by using the least expensive inputs
a. specialization occurs when a country produces a wide variety of goods and services.
c. specialization refers to the distribution of goods and services across different regions.

Explanation:

Specialization in economics is about focusing on specific activities. Option B correctly states that individuals or entities focus on a limited range of activities to increase efficiency and productivity. Option A is incorrect as specialization is not about producing a wide variety. Option C is wrong as it's not about distribution across regions. Option D is incorrect as it's not just about using least - expensive inputs but about focused activities.

Answer:

B. Specialization involves individuals or entities focusing on a limited range of activities to increase efficiency and productivity