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.

Detailed explanation-3: -Specialization is a strategy developed by a business to focus on the production of a very limited range of products or services in order to gain maximum productivity, expertise and leadership in the targeted field. Companies that specialize say they get a better return on investment.

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