Specialization refers to the performance of a particular productive task within an economic system. It involves focusing on a specific area of production or a particular skill to increase efficiency and productivity. The other options presented relate more to concepts of opportunity cost and comparative advantage.
Which describes specialization?
Responses
best alternative given up by a particular production decision
best alternative given up by a particular production decision
ability to produce more cheaply
ability to produce more cheaply
existence of lower opportunity costs than competitors
existence of lower opportunity costs than competitors
performance of a particular productive task within an economic system
1 answer