[This is part of the series: The Complete Guide To Economics 101.]
What is specialization in economics? It’s the same as it is everywhere else.
Specialization is the ability of labor to concentrate on a particular portion of the production or service process.
Take doctors, for instance.
Once upon a time, a medical doctor was just a medical doctor.
Today, a “general” doctor is even a specialty. Now it is referred to as “family medicine.”
If one wants to be seen for much of anything beyond the cold or flu, you go to a specialist.
- ENT, or ear nose and throat
- Cardiologist, for the heart
- Podiatrist, for feet
- Ophthalmologist, for eyes
- Pediatrician, for kids
From basic trade to medical doctors, economic specialization is a miracle.