A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of productive efficiency within the entire system of businesses or areas. Many countries specialize...
Specialization (or specialisation) is the separation of tasks within a system. ...
Adam Smith described economic specialization in his classic work, The Wealth of
Why do nations focus producing certain goods over others and then trade?
These questions are addressed in the discussion of specialization in economics.
Specialization can also refer to production, for example when in a factory an
assembly line is organized in a ... What are the economic impacts of
Economic theory defines specialization as the production of one or just a few
goods and services. In other words, it refers to how an individual, organization, ...
Learn more about benefits of specialization in the Boundless open textbook. ...
Specialization leads to greater economic efficiency and consumer benefits.
Definition of specialization: An agreement within a community, group, ... Use
specialization in a sentence ... Popular 'Economics, Politics, & Society' Terms.
In the economic sense, the social phenomenon of individual human beings ...
Specialization entails focussing on a narrow area of knowledge or skill or activity.
Specialisation occurs when workers are assigned specific tasks within a
production process. Workers will require less training to be an efficient worker.
Specialization. ← Previous ... Specialization increases the amount of goods and
services that people produce and consume. Examples: ... Playful Economics.