Specialization and trade should NOT lead to:

A) individuals learning specific skills and earning a salary.
B) a decrease in total economic output.
C) higher living standards.
D) the exchange of goods and services in markets.

Specialization

Refers to the process by which individuals, firms, or countries focus on producing a limited range of goods or services to achieve greater efficiencies.

Economic Output

The total value of all goods and services produced within an economy over a specific period.

Living Standards

A measure of the wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.