Specialization

Posted in Finance, Accounting and Economics Terms, Total Reads: 616
Advertisements

Definition: Specialization

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

 

Browse the definition and meaning of more terms similar to Specialization. The Management Dictionary covers over 7000 business concepts from 6 categories.

Search & Explore : Management Dictionary



Share this Page on: