ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Division of labor is an important economic concept that refers to the separation of tasks in a production process. Division of work can also be referred to as specialization, where workers are assigned smaller, manageable tasks that contribute to the larger main activity.

Detailed explanation-2: -Specialization in economics is the process of an organization concentrating its labor and resources on a certain type of production to be more efficient and create a comparative advantage for an economy.

Detailed explanation-3: -What are the four types of labor in economics? The four types of labor in economics are skilled, unskilled, semi-skilled, and professional.

Detailed explanation-4: -What Does Job Specialization Mean? Assembly lines are an example of job specialization environments. Since productive activities are reduced to very simple tasks performed by various individuals throughout the whole system. These workers are very specialized in what they do since they only do one task.

Detailed explanation-5: -The management MBA specialization allows students to develop a focus in areas such as leadership and management, managing for quality, or managing human resources. Leadership and strategic decision-making are explored to promote mastery of the management processes for organizations of all sizes.