Specialization is the process where individuals or groups focus on a specific task or area of expertise. For example, in a factory, workers might specialize in different roles, such as assembly, quality control, or packaging. This allows them to become highly skilled in their particular job, leading to increased efficiency and productivity.
In the world of economics, specialization can also refer to countries focusing on producing certain goods or services. For instance, a country rich in natural resources may specialize in mining, while another with advanced technology might focus on software development. This trade between nations helps everyone benefit from each other's strengths.