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Content: Further Explanation: Specialization refers to the idea that in a specific economy, companies focus on develop a specific good or service for consumers. An example of this might be a company that produces cell phones for consumers to buy. By having numerous companies that follow this model of specialization, consumers within the economy benefit. Competition between companies specializing in the same good or resource  benefits customers, as these companies will keep each other in line in terms of price setting. If goods are of equal quality, if company A charged $500 for their phone while company B charged $100, company A would run out of business after a short time if they do not adjust their prices. This is one of the many benefits of specialization in a free enterprise system. Learn More: Characteristics of a Free Enterprise System- 
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