What is specialization and what role does it play in the market

Once specialization occurs, resulting in economies of scale, a company is able to reduce the price for its goods or services because it costs less to make their goods or provide their services. This provides a competitive advantage in the market place.

Explanation:

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La especialización en economía se refiere al proceso, por parte de un individuo u organización, de centrarse y destacarse en una tarea en específico, ya sea por habilidad o conocimiento intelectual.

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