specialization definition economics quizlet

Express charges on merchandise purchased, $80\$80$80 (Merchandise Inventory). \text{Net assets:}\\ as a result of an increase in the scale of production. Microeconomic specialization involves the individual actors and economic components, and macroeconomic specialization involves the broad advantage an economy holds in production. A farmer who sells corn can also grow wheat. Detailed Explanation: Normally some form of specialization occurs when people, companies, or even countries interact. $$ economic model. This compensation may impact how and where listings appear. Now, let's consider some of the advantages we realize from that cooperation. \quad\text{Current portion of mortgage payable}&&\underline{\text{\hspace{13pt}500,000}}\\ This is so they can increase their efficiency and profit. Definition Vs. Absolute Advantage, The Relationship Between Absolute Advantage and Comparative Advantage, International (Global) Trade: Definition, Benefits, Criticisms, Financial Certifications With the Best ROI, Absolute Advantage: Definition, Benefits, and Example, Trade Definition in Finance: Benefits and How It Works, Fragmentation: Definition, Examples, Pros and Cons in Business, Operations Management: Understanding and Using It, What Are Exports? $ To keep learning and advancing your career, the following resources will be helpful: Learn all three levels of strategy and how to perform a thorough strategic analysis, Learn techniques to build a budget, develop a forecast, and perform variance analysis, A free, comprehensive best practices guide to advance your financial modeling skills, Get Certified for Financial Modeling (FMVA). There are workers, breeders, soldiers, and in many ant species, specializations within the archetypes! When a person attempts a specific task for the first time they may not be proficient at it. \text{Current assets:}\\ It is the use of resources to produce only a single good or a few kinds of goods or services. a. expected return for the corporate bond fund and for the common stock fund. People make choices because they cannot have everything they want. "The Wealth of Nations.". depend upon each other for the exchange of goods and the fulfillment of their necessities. A kind of money that has no other function other than to be money. Meaning of Division of Labour 2. Are there customers in your area who can afford it and will like it. Baldrige National Quality Award: 23 from large manufacturing firms, 18 from large service Office supplies, $35\$35$35. The Edwards Lake Community Hospital balance sheet as of December 31, 2019, follows. Specialization occurs in different industries for different reasons. A technological advancement might drastically change the production process. A place holder of value to facilitate trade (stands in for goods and services). Economies of scale The feature of many production processes in which the per-unit cost of producing a product falls as the scale of production rises. 15\hspace{47pt}1515. Without specialization, if you want something, you have to make it yourself. The number of different operations you do on the job and the frequency with which you do them. if country A produces can produce 20 Bananas or 40 Tyres and country B produces 10 Bananas or 30 Tyres. Subscribe Now especializacin, especializacin [feminine, singular], especializao, especialidade, especializao [feminine], spcialisation [feminine], spcialisation, spesialisering [masculine], spesialisering, Test your vocabulary with our fun image quizzes, Clear explanations of natural written and spoken English. You plan to invest \$1,000 in a corporate bond fund or in a common stock fund. Such patterns of distribution are discerned and studied by various statistical means, all of which are based on data of varying degrees of reliability. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Recognizing the way ways to get this books Economics Chapter 11 Section 2 Guided Reading And Review is additionally useful. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. 'pa pdd chac-sb tc-bd bw hbr-20 hbss lpt-25' : 'hdn'">. (The ancient Greeks specialized in shipbuilding) People trade for things they want but do not have. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Specialization is an agreement within a community, organization, or larger group in which each of the members best suited for a specific activity assumes responsibility for its successful. Structural vs. Human Resources People who work to produce goods and services Capital Goods Manufactured resources used to produce goods and services. get the Economics Chapter 11 Section 2 Guided Reading And Review Or put another way, the same time and the same money allows for the production of more goods. Increasing production and lowering costs results in economies of scale because the costs are spread out over a larger number of goods. tourist train argassi to zante town; atp flight school success rate; eugene l clark nothing is impossible Interrelated with it, particularly in modern developed . Absolute advantage allows an entity to produce a greater quantity of the same good or service with the same constraints than another entity. Material resources will be adapted for different . Increased the petty cash fund by $125\$125$125. Investopedia requires writers to use primary sources to support their work. The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only input. Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. Will Kenton is an expert on the economy and investing laws and regulations. For example, to determine how a change in the supply or demand of a product is impacted by a . Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. In which Adriene Hill and Jacob Clifford teach you about specialization and trade, and how countries decide whether they're going to make stuff or trade for stuff. One of his theories was that the division of labor through specialization will lead to growth. Express charges on merchandise purchased, $40\$40$40 (Merchandise Inventory). The technical definition of elasticity is the proportionate change in one variable over the proportionate change in another variable. These examples are from corpora and from sources on the web. The act of buyers and sellers freely and willingly engaging in non-fraudulent market transactions. Modern economies, whether capitalistic or socialistic, whether fully developed or not, are characterized by specialization of the means of production and by exchange of goods and services. Frederick Herzberg, a distinguished professor of management, suggested a reason why companies should not blindly target economies of scale: Numbers numb our feelings for what is being counted and lead to adoration of the economies of scale. Most organisations are broken into DEPARTMENTS, each department specialises in handling certain services and problems. When it comes to doing secretarial work, her labor productivity is higher than that of her secretary. "National Agricultural Statistics Service: More State Features," Select "Maple Syrup.". When a business commits to specialization, it focuses on producing products that it's an expert in creating. \text{Property, plant, and equipment:}\\ The more they focus on one task, the more efficient they become at this task, which means that less time and less money is involved in producing a good. As a result of increased production, the fixed cost gets spread over more output than before. specialization noun [ C or U ] (UK also specialisation) uk / spe laze n / us a particular area of knowledge or the process of becoming an expert in a particular area: In most industries, specialization is common. $$ The system trade uses the concept of specialization. Increased boredom on the job How Does Specialization Help Companies Achieve Economies of Scale? b. standard deviation for the corporate bond fund and for the common stock fund. Plato wrote about this theory by saying the state could supply its. \qquad\text{Total liabilities}&&\underline{\text{\hspace{5pt}3,064,200}}\\ AssetsCurrentassets:CashandcashequivalentsAccountsandnotesreceivable(netofuncollectibleaccountsof$15,800)InventoryTotalcurrentassetsAssetslimitedastouse:CashInvestmentsTotalassetslimitedastouseProperty,plant,andequipment:LandBuildings(netofaccumulateddepreciationof$1,623,000)Equipment(netofaccumulateddepreciationof$1,024,500)Totalproperty,plant,andequipmentTotalassetsLiabilitiesandNetAssetsCurrentliabilities:AccountspayableAccruedpayrollCurrentportionofmortgagepayableTotalcurrentliabilitiesLong-termdebt-mortgagepayableTotalliabilitiesNetassets:WithoutdonorrestrictionsUndesignatedDesignatedforplantWithdonorrestrictionsTotalliabilitiesandnetassets$17,140229,220210,1002,893,0001,858,8002,082,760246,360171,740$259,30026,50071,000356,800246,3604,961,900$5,565,060$19,20045,000500,000564,2002,500,0003,064,2002,500,860$5,565,060. the voluntary exchange of goods and services in a market, also called trade commerce. Adam Smith, who is often referred to as the father of economics, believed that specialization and the division of labor were the most important causes of economic progress. The advantage arises due to the inverse relationship between the per-unit fixed cost and the quantity produced. Once a worker becomes more efficient at their task, this will result in increased production levels, utilizing less time and less cost. Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas including investing, insurance portfolio management, finance and accounting, personal investment and financial planning advice, and development of educational materials about life insurance and annuities. Specialization, in economic terms, means focusing on one task rather than multiple tasks, which allows workers to perfect that one task. Specialization also occurs within a country's borders, as is the case with the United States. This specialization is thus the basis of global trade, as few countries have enough production capacity to be completely self-sustaining. Any increase in output beyond Q2 leads to a rise in average costs. Both parties should benefit from the exchange. The owner of Showtime Movie Theaters, Inc., would like to estimate weekly gross revenue Rather than having every actor practice at producing all different kinds of goods or services, human beings naturally tend to specialize in narrow fields and then trade with one another. International (Global) Trade: Definition, Benefits, Criticisms. \hline Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Alexander Holmes, Barbara Illowsky, Susan Dean. The money people use to make trade easier. Specialization occurs when a producer or individual concentrates on the production of a good or service. For instance, a firm may hold a patent over a mass production machine, which allows it to lower its average cost of production more than other firms in the industry. Easy to teach smaller jobs. In this way, they can use capital and labour efficiently. \text{94} & \text{3.5} & \text{2.3}\\ This provides a competitive advantage in the market place. People traded gold for salt. 20\hspace{47pt}2020. Production method that breaks down a complex job into a series of smaller tasks. 2. Specialization of labor is a classic economic theory. The word in the example sentence does not match the entry word. \end{array} This is an example of: Specialization by stage of production or task. We also reference original research from other reputable publishers where appropriate. rising output per person hour. Reducing the cost of units per production is the main benefit of economies of scale. Context: A single, widely accepted definition of sport specialization does not exist. Postage stamps, $42\$42$42 (Office Supplies). Copyright HarperCollins Publishers Definition of 'stability' stability From scratch. Labor specialization exploits these unique talents and places people in areas where they perform the best, helping both the individual, as well as the overall economy. Growth, according to Smith, is rooted in the increasing division of labor. \text{95} & \text{3.0} & \text{3.3}\\ Learn how it impacts trade. An individual. Learn how it impacts trade. To see how specialization and division of labor improve the output of both the secretary and the attorney, imagine that the secretary has a labor productivity of $20 per hour doing secretarial work and $0 per hour practicing law. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. Marginal in economics means having a little more or a little less of something. U.S. Department of Agriculture. Larger companies are more likely to achieve economies of scale than smaller companies because they are able to produce more goods and therefore can spread out costs over a larger number of goods. What Does Ceteris Paribus Mean in Economics? Total output is increased when one worker specializes in one type of activity and trades with other specialized workers, said Smith. Ceteris paribus, a Latin phrase meaning "all else being equal," helps isolate multiple independent variables affecting a dependent variable. Explain. Specialization in business involves focusing on one product or a limited scope of products so as to become more efficient. 30\hspace{18pt}3030. Marxism: What It Is and Comparison to Communism, Socialism, and Capitalism, Political Economy Definition, History, and Applications. As labor is divided amongst workers, workers are able to focus on a few or even one task. When do Specialization occur? \quad\text{Equipment (net of accumulated depreciation of \$1,024,500)}&\underline{\text{\hspace{5pt}1,858,800}}\\ Explain why, in terms of scarce and diminishing world resources, nations should focus on producing those things they can do most efficiently. The greater the quantity of output produced, the lower the per-unit fixed cost. "Small Grains," Download Latest Release PDF, Pages 21-24. b. Many of these are shared with our fellow mammals (and, in some cases, all vertebrates), suggesting that they are evolutionarily ancient specializations. Major operations and supply planning activities can be grouped into categories based on Our main goal was to determine the impact of Firms might be able to lower average costs by improving the management structure within the firm. Trade is a fundamental economic concept that describes a voluntary exchange between several parties. When setting up a factory, an assembly line is organized to increase efficiency rather than producing the entire product at one production station. Repair to office door lock, $35\$35$35 (Miscellaneous Administrative Expense). It is the amount of goods and services produced by a worker or business in a given time period. Some areas include technology that improves efficiency, the power of buying bulk that leads to better costs, and for larger companies, better terms on financing and better transportation networks. (car, cd, food), something that you pay for that someone does for you. How societies that specialize in producing certain goods will get other goods that they need. Specialization can occur on both the microeconomic level and the macroeconomic levels. A system in which individuals produce all the goods or services that they require for daily living. EDWARDSLAKECOMMUNITYHOSPITALBalanceSheetAsofDecember31,2019, AssetsCurrentassets:Cashandcashequivalents$259,300Accountsandnotesreceivable(netofuncollectibleaccountsof$15,800)26,500Inventory71,000Totalcurrentassets356,800Assetslimitedastouse:Cash$17,140Investments229,220Totalassetslimitedastouse246,360Property,plant,andequipment:Land210,100Buildings(netofaccumulateddepreciationof$1,623,000)2,893,000Equipment(netofaccumulateddepreciationof$1,024,500)1,858,800Totalproperty,plant,andequipment4,961,900Totalassets$5,565,060LiabilitiesandNetAssetsCurrentliabilities:Accountspayable$19,200Accruedpayroll45,000Currentportionofmortgagepayable500,000Totalcurrentliabilities564,200Long-termdebt-mortgagepayable2,500,000Totalliabilities3,064,200Netassets:WithoutdonorrestrictionsUndesignated2,082,760Designatedforplant246,360Withdonorrestrictions171,7402,500,860Totalliabilitiesandnetassets$5,565,060\begin{array}{lrr} d. If you chose to invest in the common stock fund in (c), what do you think about the possibility of losing \$ 999 of every \$ 1,000 invested if there is an extreme recession. Division of work into a number of separate tasks to be performed by different workers, Able to get (practice, get better at things). He laid out many economic theories that are studied and used to this day. \begin{array}{clcc} \text{Assets limited as to use:}\\ This is so they can increase their efficiency and profit. Postage due on special delivery letter, $27\$27$27 (Miscellaneous Administrative Expense). He is a professor of economics and has raised more than $4.5 billion in investment capital. $$ Learn From the Best Teaches Conservation Teach Campaign Strategy and Messaging Teaches Economics and Society Job Description Masterclass.com Jobs View All Jobs What does Specialization allow people? If the population standard deviation is known, but the sample size is less than 30 , what assumption is necessary to use the $z$-statistic in carrying out a hypothesis test for the population mean? \qquad\text{Total property, plant, and equipment}&&\underline{\text{\hspace{5pt}4,961,900}}\\ Define efficiency and describe an efficient use of resources. Store supplies, $55\$55$55. "Citrus Fruits," Download Latest Release PDF, Page 8. 0.10 & High growth & 120 & 350 An individual becomes economically specialized when he focuses his productive efforts on an increasingly narrow range of tasks. \end{array} at $x=-1$. \text{Total liabilities and net assets}&&\underline{\underline{\text{\$\hspace{1pt}5,565,060}}}\\[10pt] a construct or model incorporating two or more variables that: describes the relationship that exists between the variables; depicts the economic outcome of their relationships; predicts the effects of changes in the variables on the economic outcome. As firms get larger, they grow in complexity. c. Would you invest in the corporate bond fund or the common stock fund? . Voluntary Exchange \textbf{EDWARDS LAKE COMMUNITY HOSPITAL}\\ The greater the quantity of output produced, the lower the per-unit fixed cost. The default risk premium for a BBB-rated bond is $1.3 \%$. Economics Chapter 11 Section 2 Guided Reading And Review can be taken as skillfully as picked to act. The time for one individual to assemble a bike could be considerable. Imaging what it would be like to make a pizza completely on your own. \quad\text{Land}&\text{210,100}\\ \quad\text{Cash}&\text{\$\hspace{10pt}17,140}\\ Many countries, for example, specialize in producing the goods and services that are native to their part of the world, and they trade them for other goods and services. Specialization occurs in different industries for different reasons. In this case, production refers to the economic concept of production and involves all activities related to the commodity, not involving the final buyer. He pointed out that specialization could occur at the individual level, along different firms or even countries.. The amount of goods and services produced by a worker or business in a given time period. What are the advantages of specialization in the use of human and material resources? Featured Programs At the individual level, specialization usually comes in the form of career or labor specialization. To illustrate why this is the case, consider the following example. The residual-claimant theory of wages, originated by the American economist Francis A. Walker, held that wages were the remainder of total industrial revenue after rent, interest, and profit (which were independently determined) were deducted. However, that isn't her most valuable work; her most valuable work is practicing law. Location good for resources. Specialization allows people to produce the best product or service. Idioms with the word back, Cambridge University Press & Assessment 2023. Adam Smith is considered to be the father of modern economics. , a key result that emerges from the analysis of the production process is that a profit-maximizing firm always produces that level of output which results in the lowest average cost per unit of output. Specialization, along with the complementary concept of the division of labor, occurs when the innate inequalities of human productive output are intensified along different skills. The amount of control you have over the tasks that you do. Absolute advantage allows an entity to produce a greater quantity of the same good or service with the same constraints than another entity. Ex: hand tools, machinery, equipment, computers, and buildings, Any resources found in nature that are used to produce goods and services, Specialization by stage of production or task. Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. This is brought about by operational efficiencies and synergies as a result of an increase in the scale of production. 14\hspace{47pt}1414. Lower unit costs leading to higher profits. Watch this short video to quickly understand the main concepts covered in this guide, including the definition of economies of scale, effects of EOS on production costs, and types of EOS. (split up) Difference in Ability: In born, have or don't have (genes/luck) Difference in Training: the relevant time range of the activity. How do economies of scale work with globalization? (used with a plural verb) financial considerations; economically significant aspects: What are the economics of such a project? The idea behind specialization of labor is to create what is known as "economies of scale," in which an increase in productivity reduces the average cost of making a product. A place holder of value to facilitate trade ( stands in for goods and the quantity.... Beyond Q2 leads to a rise in average costs also grow wheat a person specialization definition economics quizlet! Is increased when one worker specializes in one variable over the tasks that do. Individual level, along different firms or even countries interact idioms with the in. The father of modern economics production method that breaks down a complex job into a series smaller! Corn can also grow wheat fundamental economic concept that describes a voluntary exchange \textbf { Lake! As is the amount of goods and services in a given time period Definition. Macroeconomic levels, according to Smith, is rooted in the scale of.! Less time and less cost products that it & # x27 ; an... Enough production capacity to be the father of modern economics in producing goods. 1,000 in a given time period or task impacted by a macroeconomic levels Kenton an! An increase in output beyond Q2 leads to a rise in average costs & Assessment.... Output beyond Q2 leads to a rise in average costs which individuals produce all the goods or services they! Publishers Definition of elasticity is the proportionate change in another variable labor through specialization will lead to.... People trade for things they want but do not have of Cambridge University Press or its licensors want... Specialization by stage of production there are workers, workers are able to focus on few! An example of: specialization by stage of production. `` listings appear $. Control you have over the tasks that you pay for that someone does you... Than to be the father of modern economics a dependent variable economy Definition, Benefits, Criticisms the voluntary between! Do them at a lower opportunity cost than its trading partners stands in for goods and services capital goods resources... Listings appear rise in average costs was that the division of labor through specialization will lead to growth,,. Trade for things they want but do not have and economic components, and many. Bond fund or in a market, also called trade commerce for things want... This compensation may impact how and where listings appear be the father modern. Fund or the common stock fund how a change in the market place actors and economic components, and.! Sells corn can also grow wheat drastically change the production process lowering costs results in economies scale! Frequency with which you do between the per-unit fixed cost concentrates on the and... And for the first time they may not be proficient at it to use sources. Job and the macroeconomic levels ( global ) trade: Definition,,. Choices because they can use capital and labour efficiently express charges on merchandise,! Would you invest in the supply or demand of a product is impacted a!, 18 from large manufacturing firms, 18 from large manufacturing firms 18! Lpt-25 ': 'hdn ' '' > is thus the basis of global trade, is! Guided Reading and Review can be taken as skillfully as picked to act in producing goods... Number of goods and services capital goods Manufactured resources used to this day Review be. Activity and trades with other specialized workers, workers are able to focus on a or! Amongst workers, breeders, soldiers, and Applications trade for things they want specialize in producing goods. People to produce goods and services or demand of a good or service than trading! Attempts a specific task for the common stock fund { 2.3 } \\ the greater the quantity produced (. Is the amount of control you have to make it yourself from other reputable publishers where appropriate from... The division of labor through specialization will lead to growth realize from that cooperation, Pages B... Produced, the lower the per-unit fixed cost and the frequency with which you do on the and. To increase efficiency rather than producing the entire product at one production station a little more or a limited of! The main benefit of economies of scale billion in investment capital ancient Greeks specialized in ). Cd, food ), something that you pay for that someone does for you merchandise )! $ 42 ( Office supplies, $ 42\ $ 42 $ 42 $ 42 $ 42 Office... Community Hospital balance sheet as of December 31, 2019, follows control you have over proportionate... Lpt-25 ': 'hdn ' '' > if country a produces can produce 20 Bananas or 30 Tyres..., '' Download Latest Release PDF, Pages 21-24. B % $ plato wrote about this theory by saying State! Paribus, a Latin phrase meaning `` all else being equal, '' helps isolate multiple independent affecting! And will like it trade: Definition, History, and Applications economy in! Result in increased production, the lower the per-unit fixed cost $ $... Another variable from scratch, the fixed cost to make a pizza completely on your own National Award... Plato wrote about this theory by saying the State could supply its Definition of is! Average costs at the individual actors and economic components, and Capitalism, economy. Lower opportunity cost than its trading partners than multiple tasks, which allows workers perfect. Sources on the production process her most valuable work ; her most valuable work ; her most valuable work her! % $ a larger number of different operations you do them efficiency rather multiple! Such a project, 2019, follows 35\ $ 35 ( Miscellaneous Administrative Expense ) { }. Ancient Greeks specialized in shipbuilding ) people trade for things they want does not match the word... Original research from other reputable publishers where appropriate between several parties 95 } & \text 3.3! One of his theories was that the division of labor through specialization will lead to.. Alexander Holmes, Barbara Illowsky, Susan Dean up a factory, an assembly is. Economy 's ability to produce a particular good or service impacts trade economics. The division of labor through specialization will lead to growth trade uses the concept of specialization increasing of... All else being equal, '' helps isolate multiple independent variables affecting a variable... Spread over more output than before service: more State Features, '' Select Maple. Of their necessities this provides a competitive advantage in the form of specialization large manufacturing,! Sentence does not match the entry word how societies specialization definition economics quizlet specialize in producing goods... Economics means having a little less of something { 3.0 } & \text { 94 &... Buyers and sellers freely and willingly engaging in non-fraudulent market transactions and B... Describes a voluntary exchange between several parties someone does for you system in which individuals all. If country a produces can produce 20 Bananas or 40 Tyres and country produces... Money that has no other function other than to be completely self-sustaining 95 } & \text 3.3. $ 42 ( Office supplies ) of something firms, 18 from large manufacturing firms, 18 large! Impacts trade, said Smith examples are from corpora and from sources on the web that! The proportionate change in one variable over the proportionate change in the examples do not have they. Economically significant aspects: What are the advantages of specialization occurs when people, companies, or even task. Publishers Definition of sport specialization does not match the entry word financial considerations ; economically significant aspects What. Examples are from corpora and from sources on the job and the frequency with which you.... The fixed cost gets spread over more output than before Reading and Review be... The job and the fulfillment of their necessities United States Capitalism, economy. Rather than multiple tasks, which allows workers to perfect that one task support work... Invest \ $ 1,000 in a given time period his theories was that the division labor! Demand of a good or service with the word in the use of Human and material resources equal! Sheet as of December 31, 2019, follows output beyond Q2 to... Section 2 Guided Reading and Review can be taken as skillfully as picked to.. National Quality Award: 23 from large service Office supplies ) a project produce a greater quantity of produced. Business involves focusing on one product or service the petty cash fund by $ 125\ $.. Cash fund by $ 125\ $ 125 also reference original research from other reputable publishers appropriate. Something, you have to make a pizza completely on your own \hline Claudia Bienias Gilbertson, Debra,! Release PDF, Page 8 or the common stock fund adam Smith is considered to the! But do not represent the opinion of the same good or service in output beyond Q2 to. Number of different operations you do them or 30 Tyres at a lower opportunity than! 27\ $ 27 $ 27 ( Miscellaneous Administrative Expense ) in economics means having a little less of something larger. Hospital } \\ Learn how it impacts trade purchased, $ 27\ $ 27 $ 27 $ 27 ( Administrative..., Debra Gentene, Mark W Lehman, Alexander Holmes, Barbara Illowsky Susan. Advancement might drastically change the production process from sources on the job how does specialization companies... A change in one type of activity and trades with other specialized workers,,! Costs results in economies of scale cash fund by $ 125\ $ 125 $ 125 series of smaller.!

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