In economics, specialization means
A)producing something using only one type of resource, such as labor
B)producing something using only one type of labor
C)focusing efforts on a particular product or a single task
D)producing only one unit of output
E)producing something using only one unit of a variable resource

Question

Quizplus · Accepted Answer

Specialization refers to focusing efforts on a particular product or a single task. This allows workers or firms to become more efficient by developing expertise and economies of scale in that particular area, leading to increased productivity and ultimately, higher profits.

In Economics, Specialization Means