Tag: individual
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Specializations
Levels of specialisation By country Countries specialise in producing certain goods. India specialises in producing tea and china specialises in producing electronic goods By region The gulf countries specialise in extracting or providing oil By town A town may specialise in producing something. Amsterdam specialises in producing flowers By firm A…
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Disadvantages of specialisation for an individual
Disadvantages of specialisation for an individual Job dissatisfaction Risk of unemployment No flexibility
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Advantages of specialisation for an individual
Advantages of specialisation for an individual Productivity increases Increased experience Less wastage of time Efficiency increases
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Change in earnings
Changes in earnings over time for an individual Change in earnings occurs due to change in demand for labour and change is supply of labour If demand for labor increases the earnings increases If supply of labor decreases the earnings increases