Question

Trade can benefit a family:__________

a. by allowing each person to specialize in the activities he or she does best.
b. by allowing the family to buy a greater variety of goods and services at a lower cost.
c. All of the above are correct.
d. Both a and b are correct.
e. only if the family is not in economic competition with other families.

Answer 1

Answer:

Option d: Both a and b are correct

Step-by-step explanation:

Trade is simply defined as the act of giving or exchanging one or more goods and services for another. It can be between people,countries e.t.c. it makes people well paid off when they have different taste or preferences and said to have a rapid increase in terms of productivity through different specialization and the division of knowledge. It makes rich people richer and it leads to an increase in terms of productivity through comparative advantage.