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Specialization in Economics: Definition & Concept Video

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

If Microchip can produce 100 computers or 20 loaves of bread, what is his opportunity cost for producing computers? Assume a constant opportunity cost.

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1. Assume Skippy can produce either 10 jars of peanut butter or 20 jars of jelly and Smuckers can produce 100 jars of jelly or 60 jars of peanut butter. Assuming a constant opportunity cost, who has a comparative advantage in producing jelly?

2. What is Specialization?

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About This Quiz & Worksheet

Taking a look at the benefits of focusing on one thing at a time in business, this quiz and corresponding worksheet will help you gauge your knowledge of specialization in economics. Topics you'll need to know to pass the quiz include understanding how to find the opportunity cost in a given problem as well as knowing who has the comparative advantage in a given scenario.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Finding the opportunity cost
  • Determining comparative advantage
  • Characteristics of specialization
  • Characteristics of opportunity cost
  • Benefits of specialization

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding the characteristics of opportunity cost and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the related economic specialization lesson
  • Problem solving - use acquired knowledge to solve economic specialization problems

Additional Learning

To learn more about why most of the world has turned to this still relatively new approach, review the corresponding lesson Specialization in Economics: Definition & Concept. This lesson will help you:

  • Understand what specialization is
  • Identify who can specialize in the world
  • Describe how Adam Smith first explained the economic idea
  • Explain why the assembly line took over industry
  • Appreciate how opportunity cost justifies specialization
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