Question

Consider the needs of the market. Often businesses and individuals decide to specialize in a product or service. Conduct brief research on the Internet to identify specialization and an example of specialization in the market. List the example below, and in one or two sentences explain what specialization is and how your example represents it. Your final sentence should explain how both the seller and buyer gain from this specialization.

Answer 1

Specialization refers to a method of production whereby the producer concentrates on producing limited goods in order to achieve high levels of efficiency and productivity. An example is producing clothes because of the existence of the raw materials and technology to produce them efficiently. The buyer gains in terms of low prices