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Explain the Market System Specialization

Explain the Market System Specialization?

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1. Division of labor allows workers to specialize.

a. People can take advantage of differences in abilities and skills.

b. People with identical skills may still benefit from specialization and improving certain skills.

c. Specialization saves time involved in shifting from one task to another.

2. Geographic specialization: Regional and international specialization take advantage of localized resources.

 


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