Coffee or Croissants: A Breakfast Dilemma (Part 2)
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- And specialization leads to: division of labor, encourages trade, productivity, standard of living and economic interdependence.
- David's Coffee
- Haha. There is one more thing: specialization
- David's Coffee
- I know about specialization. Specialization is when an individual excels or is an expert at a particular skill.
- That is correct. In this case, my opportunity cost is lower, which gives the comparative advantage.
- Precisely
- David's Coffee
- So you specialize croissants and coffee!
- And I can rely on you for croissants. This helps both parties involved make more money and build local economics
- David's Coffee
- This is how economic interdependence is approached. Depending on what people or groups specialize in, they can rely on each other for trades. In instance, I can rely on you for coffee
- Thank you. I am glad that I was able to be to provide coffee with a side of information
- Wow that was very refreshing. Just like this amazing coffee
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