Definitions

• "Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. Many countries, for example, specialize in producing the goods and services that are native to their part of the world, and they trade them for other goods and services." —Investopedia

Benefits Of Specialization

• Great efficiency (experience, moats, economies of scale, simplicity)
• EAsier to be the best

Related Ideas

• Comparative Advantage

Types Of Specialization

• Microeconomic
• Individual
• Organization
• Community
• Macroeconomic
• Country

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