is an important part of economics. Two things are necessary for this exchange to occur. First, producers must be free to choose what to make and sell. Second, consumers must be free to choose what to buy.
Look at the choices below. Then select three correct answers. About specialization –
often helps a regions economy
Farmers in the Middle colonies specialized in corn and tobacco
occurs when a business can only makes one product
Every time a leader, group, or individual makes an economic or financial decision, something must be given up.
occurs when a region, business, or person focuses on producing one thing.
farmers in the middle colonies specialized in wheat and rye