What is Specialization?

Somtochukwu

Specialization may be defined as the act of an individual or a firm or a country concentrating its resources and efforts in the production of relatively few commodities in which it has the greatest advantage over others. There is specialization in division of labour and division of labour is the result of specialization.

 Click here to save this Post as PDF
Let us connect on social media forever;
Follow me

Somtochukwu

Visionary Leader and Development Economist in Nigeria. CEO at Bufiredd Economic Consults Ltd
Avatar
Follow me

Leave a Reply

Your email address will not be published. Required fields are marked *