Specialization is a method of production whereby an entity focuses on the production of a particular goods or services to gain a greater degree of efficiency. It involves focusing on the production of a particular goods or services in order to have advantages of efficiency and effectiveness.
The below are things to note about Adams Smith's Specialization theory
a. The specialization theory was devised by Adam Smith.
b. Broke large jobs into smaller jobs then would assign jobs to workers.
c. First recognized in Adam’s Smiths book "Wealth of Nations," published in 1776.
d. The specialization theory is better known as division of labor.
e. Devised during the Age of Enlightment.
f. Adam Smith used pins in his book as an example of how division of labor works.
Specialization is a method of production whereby an entity focuses on the production of a particular goods or services to gain a greater degree of efficiency. It involves focusing on the production of a particular goods or services in order to have advantages of efficiency and effectiveness.
The below are things to note about Adams Smith's Specialization theory
a. The specialization theory was devised by Adam Smith.
b. Broke large jobs into smaller jobs then would assign jobs to workers.
c. First recognized in Adam’s Smiths book "Wealth of Nations," published in 1776.
d. The specialization theory is better known as division of labor.
e. Devised during the Age of Enlightment.
f. Adam Smith used pins in his book as an example of how division of labor works.