Therefore we gain a great deal of output by allowing

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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.

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