1.4.2 Specialisation, division of labour and exchange
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The big picture

The big picture

Flow chart showing division of labour leading to higher labour productivity, lower average cost, lower prices, higher profit margin, greater output, and greater need for exchange

Specialisation means focusing on a narrow range of goods, services or tasks. Division of labour is a specific form of specialisation where production is split into small tasks and different workers specialise in each one.

1.4.2 Specialisation, division of labour and exchange Lesson

  1. A Level
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