Specialization & Division Of Labour Flashcards
1
Q
What is specialization & division of labour?
A
Production of limited range of goods by an
individual, firm or country in cooperation with
others so that together a completion range of
goods is produced.
2
Q
What does specialization lead to?
A
Globalization. Globalisation refers to tendency for world economy to work together.
3
Q
Types of specialization
A
- Individual specialization
- International specialization
- Specialization by firms
4
Q
Division of labour
A
- Specialization by individuals
- Division of labor / production process to different tasks at different strategy in co-operation with other workers.
5
Q
Advantages of division of labour
A
- Increase in productivity
- Workers gain skills in narrow range of tasks
- More time saved
- Can specialize in tasks best suited
6
Q
Disadvantages of division of labour
A
- Loss of skills
- Could increase unemployment
- Breakdown in production process can cause chaos in production process
