connect Lesson 2 Quiz 4 value 500 points People benefit by p

connect Lesson 2 Quiz 4. value 5.00 points People benefit by participating in the market because O Resources are no longer limited O Market participation allows individuals to specialize and, with trade, ultimately consume more O Participants in the market do not have to make cholces O There are always participeants in the market that are more eficient than you are in production

Solution

Market participation allows individuals to specialize and, ultimately, consume more.

Resources are no longer limited is not true because there is always an upper limit on the amount of resources that are available in any economy or in any type of market which makes it important locate all the resources efficiently.

Participants in the market always have choices to make, the choices can be pertaining to the amount of products of commodities demanded or supplied, price of the commodity, decision to purchase or produce the products and also the choice of products.

With trade and specialization, firms produce those commodities in which they have a competitive advantage over the other producers. This reduces their costs and also increase the production of the goods in which they have competitive advantages because of Economics of scale and greater productivity of inputs. Therefore if there is trade and specialization then there would be greater production of commodities and hence more consumption.

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