Principles of Microeconomics / Unit 1 MIC 0006 short lesson, about 20 seconds
Specialization Needs Markets
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The idea
A specialist produces one thing and needs everything else, so specialization works only where there is a way to trade. Markets provide that way.
In practice
A software developer sells code and buys food, clothing and housing from other specialists.
Where people slip
The gain from specializing and the gain from trading are one gain, which is why unit sixteen treats them together.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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