ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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specialization
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trade
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quota
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traditional
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Detailed explanation-1: -Specialization means that larger tasks are broken down into smaller tasks and assigned to different workers. Each worker has the skills and knowledge to perform their assigned task as expected. Therefore, they are specialized in that task.
Detailed explanation-2: -Specialization of labor, or division of labor, occurs when companies divide their production or service process into several set tasks. Employees repeat a single portion of the production process rather than performing multiple tasks themselves.
Detailed explanation-3: -Even a relatively simple business like a restaurant divides up the task of serving meals into a range of jobs: top chef, sous chefs, less-skilled kitchen help, host/hostess, waiters/waitresses, janitors, a business manager to handle accounts and paychecks, etc.
Detailed explanation-4: -Process-based division of labour When a person specialises in a particular process of the production of a good or service. It is also known as a simple division of labour. It is also known as a complex division of labour.