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Colleen
Definition of 'Specialization'
A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of productive efficiency within the entire system of businesses or areas. Many countries specialize in producing the goods and services that are native to their part of the world. This specialization is the basis of global trade as few countries produce enough goods to be completely self-sufficient.
Read more: http://www.investopedia.com/terms/s/specialization.asp#ixzz1iqQcJ8p3
| 14 years ago. Rating: 1 | |
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