One major drawback of economic specialization for countries is; Countries must trade for essential goods outside of their specialization.
What is economic specialization?
Economic specialization is the process where a company or individual decides to focus their labor on a specific type of production.
Now, the overall impacts of specialization on the economy are so huge. This is because specialization in a field develops new techniques that lead to huge increase in productivity.
In conclusion, Increased economic specialization leads to higher standards of living for all those involved in economic exchanges.
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