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International Economics — Economics STD 12 — Question

Tamilnadu BoardEnglish MediumSTD 12EconomicsInternational Economics3 Marks
Question
What are International Specialization gains?
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Answer

International specialization offers the following gains.
  1. Better utilization of resources.
  2. Concentration in the production of goods in which it has a comparative advantage.
  3. Saving in time.
  4. Perfection of skills in production.
  5. Improvement in the techniques of production.
  6. Increased production.
  7. Higher standard of living in the trading countries.

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