SPECIALIZATION AND TRADE
When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase.
At the completion of Grade 8, students will know the Grade 4 benchmarks for this standard, and also understand:
Labor productivity is output per worker.
Like trade among individuals within one country, international trade promotes specialization and division of labor and increases output and consumption.
As a result of growing international economic interdependence, economic conditions and policies in one nation increasingly affect economic conditions and policies in other nations.