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 important because it greatly improves productivity – the ratio of inputs to outputs. The typical example is the assembly line. Producing goods on an assembly line increases productivity because multiple tasks can happen simultaneously and just when they are needed.

Detailed explanation-3: -/ˌspeʃ.ə.ləˈzeɪ.ʃən/ a particular area of knowledge or the process of becoming an expert in a particular area: Specialization (= limiting study or work to one particular area) usually doesn’t occur until PhD level. The lawyer said that he was unable to help us because our case fell outside his specialization. Synonyms.

Detailed explanation-4: -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-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