specialization
Specialization refers to the process where individuals or groups focus on a specific task or area of expertise. This allows them to develop skills and knowledge that enhance efficiency and productivity. For example, in a factory, workers may specialize in different roles, such as assembly or quality control, leading to faster production times.
In economics, specialization can also occur at the level of countries. For instance, a country may specialize in producing coffee due to its favorable climate, while another country may focus on technology products. This division of labor can lead to increased trade and economic growth.