Question
Describe Specialization.
Solution
Specialization in the production of certain goods and services by some countries give rise to international trade.
International trade is a type of specialisation or division of labour. It benefits the world economy, if different countries practice specialisation in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. For example, Chinese silk, Taiwan carpets, Indian spices etc. are introduced internationally.
