Answer to Question #83375 in Microeconomics for Rayan Bilkhu

Question #83375
How can a group of workers, each specializing in certain tasks, produce so much more than the same number of workers who try to produce the entire good or service by themselves?
1
Expert's answer
2018-11-28T11:05:10-0500

First, specialization in a particular small job allows workers to focus on the types of production where they have an advantage. People have different skills, talents, and interests so they will be better at something than others. In addition, workers who specialize in specific tasks often learn to produce faster and with higher quality. Specialization also allows economic agents, or actors, to take advantage of economies of scale, a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each unit declines.

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