What Is Economic Specialization Quizlet? Specialization. In economics, the term specialization refers to people, companies or countries focusing on providing a single good or service, instead of a range of different goods or goods and services in a particular area as opposed to a large one so that they can increase their efficiency and profit.
What Social Changes Did The Commercial Revolution Cause? What social changes were caused by the commercial revolution of the Middle Ages? The use of money caused serfs to pay for the land in rent rather than with labor. A new middle class of people appeared: merchants, traders, artisans. Women were allowed to carry on trade
What Was The Commercial Revolution And How Did It Change Europe? The Commercial Revolution consisted of the creation of a European economy based on trade, which began in the 11th century and lasted until it was succeeded by the Industrial Revolution in the mid-18th century. Beginning with the Crusades, Europeans rediscovered spices, silks, and other
What Was The Result Of The Commercial Revolution? Among the features associated with it were a surge in overseas trade, the appearance of the chartered company, acceptance of the principles of mercantilism What were three results of the Commercial Revolution? a. Increased Imports and World Trade 1. Western Europe imported many commodities from the New
Which Answer Choice Best Compares The Economies Of Israel Saudi Arabia And Turkey? Turkey consistently ranks among the world’s top ten nations for agricultural output. The service industry makes up about half of Turkey’s economy, just as it does in Israel. Saudi Arabia has an oil-based economy with strong government controls over major economic activities.
What Contributed Most To The Economic Expansion That Took Place During The Commercial Revolution? What contributed most to the economic expansion that took place during the commercial revolution? The catalyst for this expansion was Europe’s discovery and colonization of the Americas. What increased during the Commercial Revolution? Among the features associated with it were a
What Are Two Characteristics Of The Commercial Revolution? Among the features associated with it were a surge in overseas trade, the appearance of the chartered company, acceptance of the principles of mercantilism What are 2 reasons why Europe experienced a Commercial Revolution? Better food and more wealth allowed for larger families. The migration of peoples
How Can Specialization Benefit An Economy? Once specialization occurs, resulting in economies of scale, a company is able to reduce the price for its goods or services because it costs less to make their goods or provide their services. This provides a competitive advantage in the market place. What are the benefits of Specialisation? Workers
How Does An Economy Benefit From Specialization And The Division Of Labor? As labor is divided amongst workers, workers are able to focus on a few or even one task. The more they focus on one task, the more efficient they become at this task, which means that less time and less money is involved