DIVISION OF LABOUR, SPECIALIZATION AND EXCHANGE
CONTENT
- Meaning of Division of Labour and Specialisation
- Advantages and Disadvantages of Division of Labour and Specialization
- Limitations to Division of Labour and Specialisation
- Meaning of Exchange
- Interrelationship between Production, Division of Labour, Specialisation and Exchange.
Meaning of Division of Labour and Specialisation
Meaning of Division of Labour
Division of labour is the systematic breaking down of production processes into different stages so that each stage is handled or undertaken by an individual or a group of people.
Definition of Division of labour
Division of labour has been defined by various people. An author defines division of labour as a complex process mainly practised in industrialised communities where a worker specialises in the production of a small portion of a product. Division of labour was defined by another author as the system of breaking down the production processes into segments and tasks, which can be performed by different individuals or machines
Meaning of Specialization
Specialization simply means the concentration of the productive effort of an individual, organization or country towards the production of certain commodities or line of production where it has greater comparative advantage over others.
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