ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Specialization in business involves focusing on one product or a limited scope of products so as to become more efficient. Specialization can increase productivity and provide a comparative advantage for a firm or economy.

Detailed explanation-2: -Specialization is the practice of an individual or business focusing their productive capacity (skills, resources, etc.) on a limited set of goods and services. Specialization is important because it greatly improves productivity – the ratio of inputs to outputs. The typical example is the assembly line.

Detailed explanation-3: -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-4: -Labor specialization. Labor specialization is now commonplace in the workplace and is an important part of production. Departmental specialization. Business specialization. Regional specialization. Country specialization. 15-Feb-2021