In an economy characterized by a highly developed division of labour, individuals focus on producing a single specialised component or service, meaning they rely on others for almost all of their consumption needs. For this system of specialisation to function efficiently, which of the following is a necessary prerequisite?
Perfect occupational mobility of the labour force across all specialised sectors.
A widely accepted medium of exchange to eliminate the high transaction costs of barter.
Government-mandated price controls to ensure specialised goods remain affordable.
An equal distribution of productive efficiency and resources across all sectors.
