ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.

Detailed explanation-3: -Specialization Leads to Economies of Scale The more they focus on one task, the more efficient they become at this task, which means that less time and less money is involved in producing a good. Or put another way, the same time and the same money allows for the production of more goods.

Detailed explanation-4: -Adam Smith famously said in The Wealth of Nations that the division of labour is limited by the extent of the market. This is because it is by the exchange that each person can be specialised in their work and yet still have access to a wide range of goods and services.

Detailed explanation-5: -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