Dr. Johnson defines the term "specialization" and reasons for its development in our economy.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.

By the end of this section, you will be able to:

Identify at least two advantages of intra-industry trading
Explain the relationship between economies of scale and intra-industry trade

By the end of this section, you will be able to:

Discuss the importance of studying economics
Explain the relationship between production and division of labor
Evaluate the significance of scarcity

This video teaches the concept of Productivity, which is measured as the quantity of output per unit of input. Watch the brief video and take the interactive quiz to assess what you have learned. [1.47]

This example engages students in a simple simulation of specialization and division of labor. All that is needed are staplers and some paper.