SPECIALIZATION

DEFINITION

• The concentration of the productive efforts of individuals and firms on a limited number of activities.

WHAT IT DOES?

• Specialization makes us more efficient.
• It is much easier to learn one task or a few tasks very well than to learn them all.
• Making people do what they do best nurses and doctors taking care of others

EXAMPLES

• Buying and selling
• Producing products,which we need markets to sell what we have and to buy what we want.
• A typical person uses there income to buy what they want
• Not each person knows how to be a doctor as much as a person could be a plumber.
• A typical person will try to learn or educate them selves with a skill and get better at it till they are experts at it.

ADVANTAGES

• You get will get to do things easily because you already use to it and know how to do it which will make things and also economy more efficient.
• Each person can take advantage of own productive resource.
• People will also learn how to make these goods faster and more efficiently.
• By providing just a few kinds of goods or services, producers in a region become more skilled at making them.

EXAMPLES

• If in Greek they are better at making grapes but not to much of rice but in China there are really good at making it they could trade with each other with also China needing the necessity of grapes.

WHY IT STARTED?

• Each person got use to specializing in one thing and getting used to it and helping everyone else with what they specialize in