The primary purpose of job specialization is
to increase the effectiveness of an employee in performing a specific task
.
What is the purpose of specialization quizlet?
Specialization
allows people to produce the best product or service
.
What is the primary purpose of job specialization quizlet?
What is the primary purpose of job specialization? (Division of labor and job specialization
usually result in increased efficiency and productivity
. This reduces production costs and increases profits.)
Does specialization increase production?
Specialization Leads to Economies of Scale
The more they focus on one task, the more efficient they become at this task, which means that less time and less money is involved in producing a good. Or put another way, the same time and the same money allows for the production of more goods.
How does investment help the economy quizlet?
Investment
promote financial growth by adding money into the economy which is then spent on goods and services
to provide the goods and services.
What is the purpose of specialization?
Specialization in business involves focusing on one product or a limited scope of products so as to become more efficient. Specialization can
increase the productivity of and provide a comparative advantage for a firm or economy
.
What is job specialization and why is it important?
What is job specialization? Job specialization is a process that
occurs when employees gain knowledge, education and experience in a specific area of expertise
. The importance of job specialization in the modern-day workforce is that it helps to fulfill the need for skilled workers.
Which is the best example of specialization?
When an economy can specialize in production, it benefits from international trade. If, for example, a country can produce
bananas
at a lower cost than oranges, it can choose to specialize and dedicate all its resources to the production of bananas, using some of them to trade for oranges.
What is the downside of specialization quizlet?
Loss of flexibility
. If workers specialize too much it may be difficult for them to performing other tasks when there is a need to cover for workers who are not present. Monotony. Workers can get bored performing the same tasks everyday.
What is meant by specialization quizlet?
Specialization. Refers to
the people, companies or countries focusing on providing a single good or service
. This is so they can increase their efficiency and profit. Productivity. The amount of goods and services produced by a worker or business in a given time period.
How specialization improves standard of living?
Increased Specialization
Occasionally, people who specialize in a field develop new techniques or new technologies that lead to huge increases in productivity. Increased specialization ultimately leads to higher standards of living for all those involved in economic exchanges.
What does specialization in a degree mean?
A specialization is
a focused area of study of attached to a specific major
, with specific coursework beyond major requirements. A specialization is a focused area of study attached to a specific major, and is in addition to course requirements for the major.
What are the types of specialization?
- Labor specialization. Labor specialization is now commonplace in the workplace and is an important part of production. …
- Departmental specialization. …
- Business specialization. …
- Regional specialization. …
- Country specialization.
Why is investing important in an economy quizlet?
Investing is an essential part of the free enterprise system. When businesses use investments to expand and grow,
they create new and better products and provide new jobs
. Explain the concepts of “return and liquidity” and “return and risk”.
What role does savings and investments play in the economy?
Savings and investment are the basic requirements for economic growth and development in any nation. Savings and investment have been considered as two macro-economic variables for
achieving price stability and promoting employment opportunities
thereby contributing to sustainable economic growth (Shimelis, 2014).
What is the main advantage of diversification as an investment policy quizlet?
The main advantage of diversification of investments is it . . .
reduces risk to investors
. increases investors' access to their money.
