International Trade
Sepcialisation
Specialisation is the concentration of resources on particular products or tasks.
Advantages
- Increase in quantity produced
- Increase in quality of products
- Costs are cut due to economies of scale
- Price can be lowered to compete
- Price can be increased and customers will still exist
- Increase in exports
- Better balance of payments and balance of trade
- Can import other goods
- Increases global efficiency by globalisation