1.2.4-Specialisation

• Specialisation- The concentration of production narrow range of goods and services.
• One advantage of specialisation is higher output. This means higher trade which will lead to higher growth.
• One advantage of specialisation is that there are a wide range of goods and services
• One advantage of specialisation is greater allocative efficiency
• One advantage of specialisation is higher productivity through better use of workers
• One advantage of specialisation is quality improvements
• One disadvantage of specialisation is that there are finite rescources
• One disadvantage of specialisation is changes in fashion
• One disadvantage of specialisation is de-industrialisation
• One disadvantage of specialisation is national interdependence
• Division of labour is breaking down the production process into separate tasks upon specialisation