Unformatted text preview: n a great deal of output by
allowing resources to be used in specialized
manners. For example, a jack-of-all-trades is
usually not a very efficient producer.
Chapter 2 The process of specialization is an additional
dimension of market systems that brings about
substantial gains in productivity as well. The concept
of specialization occurs quite naturally in most
respects. For example, most of us seek to establish a
career in an area that may be at least to some extent a
natural fit for us. People preferring mathematics and
logic will often seek to establish careers in engineering
or computer science because these fields are a natural
fit for their reasoning skills. The same general concept
applies to other factors of production in that they are
most often better suited to produce one good or
service than others. 12 Learning Objective 2-2 Slide
13 Division of labor is an additional strategy employed in
market systems. We can actually think of division of
labor as a subset of specialization in general.
Division of labor is...
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This note was uploaded on 09/10/2009 for the course ECO 2251 taught by Professor Kirkland during the Spring '09 term at Troy.
- Spring '09