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unit 4
International trade and business
Specialisation
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Cards (4)
What is the definition of specialisation?
The process of
concentrating
on and becoming
expert
in a
particular
subject or
skill
How can specialisation help gain a competitive advantage?
A
country
may decide to
specialise
on a
particular
industry or
sector
- increase the
value
added to
gain
competitive
advantage
What benefits can specialisation bring?
Increases
quality and
quantity
of
goods and services - lower
unit
costs due to
economies
of
scale
allows for
business
to low
prices
which attracts
sales
from
customers
What are the negatives of specialisation?
A
country
may become over
reliant
on one
industry
Other
countries
may become
cheaper
in the
same
industry - hard to
compete
