Posted in Finance, Accounting and Economics Terms, Total Reads: 480
Specialization refers to a method of production whereby the business attempts to produce a limited range of products or services in order to achieve greater production efficiencies.
Specialization can also be understood in the context of a factory which instead of producing everything one at one production station, an assembly line is organized in a specialized manner.
Many nations specialize in producing the goods and services that are indigenous to them. This specialization forms the foundation of world trade as few countries produce enough goods to be completely self-sufficient