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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
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Limits of specialization in production in economics?
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.
What limits specialization in the global economy?
Trade barriers.
What does specialization mean in economics?
it means you're really special from anonymous
The first observation of production which led to the concept of of specialization was in the production of what?
Pins
Economics is about the allocation of resources for the production and distribution of goods?
Economics is about the allocation of resources for the production and distribution of goods and ___________.
Limits of specialization in production in economics?
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.
What limits specialization in the global economy?
Trade barriers.
What does specialization mean in economics?
it means you're really special from anonymous
The first observation of production which led to the concept of specialization was in the production of what?
pins
The first observation of production which led to the concept of of specialization was in the production of what?
Pins
What are the benefits of production department?
allows specialization
What was the Production Budget for Without Limits?
The Production Budget for Without Limits was $25,000,000.
Economics is about the allocation of resources for the production and distribution of goods?
Economics is about the allocation of resources for the production and distribution of goods and ___________.
What is the relationship between specialization and trade and changing employment partners?
specialization depends on trade that is specialization leads to mass production and hence need for market for the surplus.
What is the concentration of labor on a single task or production operation?
Specialization
What did David Ricardo define economics has?
david ricardo defines economics as the fundamental argument in favor of free trade among countries and of specialization among individuals.
What did Ford production of model T'S demonstrated the economic relationship between specialization and?
greater efficiencies in production.
