Definition- Specialization is the process of performing a certain task which makes a person be in limited in performing other activities out of work she/he is specializes purposely.
ADVANTAGES
- It increase efficiency- practice make perfect, there fore the work within particular skills will develop skills and efficiency through repetition of the job.
-it save time -there is no need of switching from one place to another in that case worker is fixed in her/his field as a result time is saved.
-Accuracy in production - it is likely to be accuracy in production due to the fact that every worker will engage in the particular work where will be concerned with.
-Reduce cost of production -in the particular activities the specialized person will be effectively handling it out as a result there be no need giving cost of repeating the same job.
DISADVANTAGES
-It create independence, each worker as a part of skills and not complete skills so as one can manage to reduce by him/ herself
- It create monopoly this means after specialization certain field of work may lead into boredom to the worker
-It may cause unemployment this occur when the company is closed and there is no similar industry offering the same job. also it limit the freedom of the choice of work
Definition- Specialization is the process of performing a certain task which makes a person be in limited in performing other activities out of work she/he is specializes purposely.
ADVANTAGES
- It increase efficiency- practice make perfect, there fore the work within particular skills will develop skills and efficiency through repetition of the job.
-it save time -there is no need of switching from one place to another in that case worker is fixed in her/his field as a result time is saved.
-Accuracy in production - it is likely to be accuracy in production due to the fact that every worker will engage in the particular work where will be concerned with.
-Reduce cost of production -in the particular activities the specialized person will be effectively handling it out as a result there be no need giving cost of repeating the same job.
DISADVANTAGES
-It create independence, each worker as a part of skills and not complete skills so as one can manage to reduce by him/ herself
- It create monopoly this means after specialization certain field of work may lead into boredom to the worker
-It may cause unemployment this occur when the company is closed and there is no similar industry offering the same job. also it limit the freedom of the choice of work
Definition- Specialization is the process of performing a certain task which makes a person be in limited in performing other activities out of work she/he is specializes purposely.
ADVANTAGES
- It increase efficiency- practice make perfect, there fore the work within particular skills will develop skills and efficiency through repetition of the job.
-it save time -there is no need of switching from one place to another in that case worker is fixed in her/his field as a result time is saved.
-Accuracy in production - it is likely to be accuracy in production due to the fact that every worker will engage in the particular work where will be concerned with.
-Reduce cost of production -in the particular activities the specialized person will be effectively handling it out as a result there be no need giving cost of repeating the same job.
DISADVANTAGES
-It create independence, each worker as a part of skills and not complete skills so as one can manage to reduce by him/ herself
- It create monopoly this means after specialization certain field of work may lead into boredom to the worker
-It may cause unemployment this occur when the company is closed and there is no similar industry offering the same job. also it limit the freedom of the choice of work
1. The specialization is limited by extent or the market. It can only happen if there is longer population 2. Specialization is limited by lack of self interest hired labor. 3. Difficulty in standardizing certain process. 4. Specialization as contrast to diversification.
Trade barriers.
it means you're really special from anonymous
Pins
Economics is about the allocation of resources for the production and distribution of goods and ___________.
1. The specialization is limited by extent or the market. It can only happen if there is longer population 2. Specialization is limited by lack of self interest hired labor. 3. Difficulty in standardizing certain process. 4. Specialization as contrast to diversification.
Trade barriers.
it means you're really special from anonymous
pins
Pins
allows specialization
The Production Budget for Without Limits was $25,000,000.
Economics is about the allocation of resources for the production and distribution of goods and ___________.
specialization depends on trade that is specialization leads to mass production and hence need for market for the surplus.
david ricardo defines economics as the fundamental argument in favor of free trade among countries and of specialization among individuals.
Specialization
greater efficiencies in production.