BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Location of enterprise
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Large-scale production
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Location of industry
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Division of labour
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Detailed explanation-1: -Specialization is the production of certain kinds of goods instead of producing a wide variety of goods. There are two main sides of specialization: microeconomics and macroeconomics. Microeconomic specialization involves the division of labor between specialized individuals to optimize processes.
Detailed explanation-2: -1 If, for example, a country can produce bananas at a lower cost than oranges, it can choose to specialize and dedicate all its resources to the production of bananas, using some of them to trade for oranges.
Detailed explanation-3: -Outsourcing business processes to partners in a form of specialization. For example, a fashion company that outsources most of its information technology functions to a technology company. This allows both firms to specialize in areas of competitive advantage.