What's it: Production is the process of creating goods and services using resources. It adds value if the output value exceeds the input used value. In broader terms, it is an organized process of adding value to goods and services. For
Nature of operation
Specialization: Definition, Importance, How it Works, Pros, Cons
What's it: Specialization means focusing on a specific aspect of something bigger. It can be related to a product, task, job, or skill. For example, when a company specializes in a particular product, it focuses on a few goods rather than
Division of Labor: Meaning, Importance, Advantages, Disadvantages
What's it: Division of labor means dividing the work required to produce a product into different and interdependent tasks. The company breaks down a complex production system into several units. They then assign tasks and workers to each unit.