Specialization

Notes

Specialization is when a person chooses or is assigned a certain task and he learns to do that task specifically very well. Meaning, that he prioritizes a narrow and deep view rather than wide and shallow. Usually, when you specialize at something, this becomes your Competitive Advantage, but is also dependent on the type of competition around you. If you are specialized in a very common and easy-to-master field, then you will still be highly replaceable. This idea has arisen in the time of the industrial revolution, mainly by Adam Smith book of wealth of nations.

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🔼Topic:: Economics (MOC) ◀Origin:: 🔗Link::