Specialisation
What Specialisation means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Specialisation
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Reference: Pearson Edexcel
When a country focuses resources on producing goods where it holds a comparative advantage, meaning it produces them at a lower opportunity cost.
A firm focuses its resources on producing a limited range of goods or services.
Topics that use Specialisation
- International trade (Pearson Edexcel A-Level)
- Specialisation (Pearson Edexcel A-Level)
Related terms
- Comparative advantage
- Diversification
- Opportunity cost
- Over-specialisation
- Trade creation
- Trade diversion
- Trading blocs
- Brand identity
Using Specialisation in the exam
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