Title: Specialization in Economics: Definition & Concept - Video & Lesson Transcript | Study.com
Headings: Specialization in Economics: Definition & Concept
Specialization in Economics: Definition & Concept
Lesson Transcript
Definition of Specialization
Division of Labor
Opportunity Cost
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Specialization in Economics: Definition & Concept
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Content: Specialization in Economics: Definition & Concept - Video & Lesson Transcript | Study.com
Specialization in Economics: Definition & Concept
Lesson Transcript
Instructor: Kallie Wells
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Kallie has a B.S. in Agribusiness and minor in Statistics from California Polytechnic State University, San Luis Obispo and M.S. in Agricultural and Resource Economics from University of California, Davis. She has extensive experience designing and performing economic analysis of wholesale energy markets and investigations of market participant behavior within these markets. How does one increase productivity? Why do nations focus on producing certain goods over others and then trade? These questions are addressed in the discussion of specialization in economics. Create an account
Definition of Specialization
Specialization is when a nation or individual concentrates its productive efforts on producing a limited variety of goods. It oftentimes has to forgo producing other goods and relies on obtaining those other goods through trade.