2.1 Specialisation and trade Flashcards
1
Q
Specialisation
A
The process of concentrating on a task or activity in order to become expert in it
2
Q
Division of labour
A
A process by which the production procedure is broken down into a sequence of stages and workers are assigned to particular stages
2
Q
Barter system
A
An economy without money so that transactions rely on direct exchange
2
Q
Medium of exchange
A
The function of money that enables transactions to take place
