ECONOMICS

Detailed explanation-1: -Teamwork is the joint action of people working toward the same end goal. When people talk about teamwork, they mean more than just completing a task, however: they mean the work that comes from people working together effectively.

Detailed explanation-2: -Collaboration is said to take place when two individuals or a group of people work together towards achieving a common goal by sharing their ideas and skills.

Detailed explanation-3: -Combined, teamwork and collaboration can foster a healthy work culture and environment where teams of individuals can achieve goals through powerful skills and effective work. Collaborative teamwork can promote innovation, increase job satisfaction, find solutions to resolve problems and develop excellent soft skills.

Detailed explanation-4: -Teamwork refers to a group of people working together to achieve a common goal. On the other hand, collaboration is a more formalized process in which individuals with different expertise come together to solve a problem or create something new.