answersLogoWhite

0

Specialization is when factors of production perform only tasks they can do more efficiently than others. This is argued to maximize efficiency, but also increases interdependence among aspects of production.

User Avatar

Wiki User

11y ago

What else can I help you with?

Continue Learning about Finance

What factors cause some firms to become more international than others?

operating characteristics


How can an entrepreneur ensure that they are operating efficiently?

An entrepreneur will never know if they are working at maximum efficiency other than by comparison to others in the same situation and based on past behavior in the same situation.


How can I demolish my home safely and efficiently?

To safely and efficiently demolish your home, it is recommended to hire a professional demolition company with experience in handling such projects. They will have the necessary equipment, expertise, and safety protocols to ensure the demolition is done properly and without risk to you or others. It is important to obtain any necessary permits and follow local regulations before starting the demolition process.


What is the responsibility of a mutual fund's directors?

The directors of the fund are responsible for overall governance of the fund; they are expected to establish procedures and review the performance of the management company and others who perform services for the fund.


How to wire cash securely and efficiently?

To wire cash securely and efficiently, follow these steps: Use a trusted and reputable financial institution or money transfer service. Double-check the recipient's information to avoid errors. Set up security measures like two-factor authentication. Keep your transaction details confidential and avoid sharing them with others. Confirm the transfer with the recipient once it's completed.

Related Questions

When some factors of production can perform task more efficiently than others?

scarcity


When some factors production can perform tasks more efficiently than others?

specialization


When factors of production perform only task they can do more than other?

Specialization is when factors of production perform only tasks they can do more efficiently than others. This is argued to maximize efficiency, but also increases interdependence among aspects of production.


What important factors helped built Canada's economy?

You should define that a bit. It could be wheat production, lumber, mineral production or a number of others.


What was the Production Budget for The Others?

The Production Budget for The Others was $17,000,000.


Who builds the fastest production car?

Bugatti but there are others but its not a production car.


How do scales measure metabolic age and what factors are taken into consideration in this measurement?

Scales measure metabolic age by analyzing factors like body composition, muscle mass, fat percentage, and overall fitness level. These factors help determine how efficiently your body is burning calories and functioning compared to others of the same age.


What happens to excess energy production?

Excess energy production can be stored for later use, fed back into the grid for others to use, or dissipated as heat. Storage options include batteries, pumped hydro storage, or compressed air energy storage. Grid integration and smart energy management systems help ensure that excess energy is utilized efficiently.


Does spore production require light?

No, spore production in fungi does not require light. Fungi can produce spores in various environmental conditions, including darkness. Spore production is often triggered by factors such as temperature, humidity, and nutrient availability.


What are the factors of eight Factors of eight?

some are animals, plants, insects and others


What is the source of the gains form Trade?

The gains from trade arise primarily from the principle of comparative advantage, where countries specialize in producing goods and services that they can produce more efficiently relative to others. This specialization allows for more efficient resource allocation and increases overall production. Additionally, trade expands market access, enabling countries to benefit from economies of scale and a greater variety of goods. Ultimately, these factors lead to improved economic welfare for participating nations.


What must exist before a country can specialize its production?

Before a country can specialize its production, it must first have a diverse range of resources, available technologies, and a stable economy. Specialization is most effective when a country can produce goods or services more efficiently than others, leading to a comparative advantage in the global market. Additionally, a country should have the ability to trade with other nations to fully benefit from specialization.