1.4 What is Specialisation? Flashcards
1
Q
What is specialisation?
A
concentrating on what you are best at, this applies to individuals, companies and countries as a whole.
2
Q
What does specialisation underpin?
A
The economic arguments for trade.
3
Q
What are the benefits to the firm by specialising?
A
More productive.
Lower Average Costs.
4
Q
What are the benefits to workers by specialising?
A
Workers specific skills improve.
More motivation and job satisfaction.
5
Q
What are the costs to the firm by specialising?
A
Greater cost of training workers.
Quality may suffer if workers become bored.
6
Q
What are the costs to the workers by specialising?
A
Maybe replaced by machinery.
Boredom.
Workers skills may suffer from doing one thing.
