Business Studies·The nature & purpose of business · NSSCO 1.1
Specialisation, division of labour & exchange
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Why does a bakery use four workers instead of one, and why does Namibia sell diamonds and fish to the world but buy in cars and rice? The answer is one powerful idea: specialisation. In this lesson we build a clear meaning of specialisation and the division of labour, climb the four levels from a single worker up to a whole country, weigh the advantages against the disadvantages, and finish by seeing how specialisation forces people, firms and nations to exchange and trade.
What you'll learn in this lesson
By the end you should be able to (NSSCO Business Studies 1.1):
- Explain the meaning of specialisation and division of labour
- Identify the levels of specialisation with examples
- Discuss the advantages and disadvantages of specialisation
- Describe the relationship between specialisation and trade
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