Title: What Is the Meaning of Specialization in Economics? | Bizfluent
Headings: What Is the Meaning of Specialization in Economics?
What Is the Meaning of Specialization in Economics?
TL;DR (Too Long; Didn't Read)
Specialization in the Workplace
Effect of Specialization on Production
Benefits of Specialization
The Downside of Specialization
Specialization on a National or Regional Level

Content: LL.B., MBA
Updated March 13, 2019
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Economics is about the production, distribution and consumption of goods. A key decision facing workers, firms and nations is what goods to produce. The economic concept of specialization helps answer this question. Under specialization, economic actors concentrate their skills on tasks at which they are the most skilled. Specialization has both micro- and macroeconomic applications. TL;DR (Too Long; Didn't Read)
Specialization in an economic sense refers to individuals and organizations focusing on the limited range of production tasks they perform best. Specialization increases output because workers do not lose time shifting among different tasks. Specialization in the Workplace
Specialization in an economic sense refers to individuals and organizations focusing on the limited range of production tasks they perform best.