2.1 Specialisation and Trade Flashcards
1
Q
What is division of labour?
A
Where the production process is broken down into stages and workers are assigned different tasks
2
Q
What is specialisation?
A
Where an individual worker, firm, region or country produces a limited range of goods or services based on lowest opportunity cost
3
Q
What is barter?
A
A trade/exchange of goods or services, for other goods or services, without using a medium of exchange (eg. money)
