Micro 2.1 Specialization and Trade

Question 1

Specialisation

Answer 1

focusing on one activity (or part of an activity) to be able to produce more efficiently

Question 2

Division of labour

Answer 2

Splitting up a task into smaller activities to be able to produce more efficiently

Question 3

Barter system

Answer 3

System of exchanging one product for another without the use of money as a medium of exchange