Question: Hello there, Can someone please help me answer this question & thank you so much! It has been proven that specialization increases productivity, keeps cost

Hello there,

Can someone please help me answer this question & thank you so much!

It has been proven that specialization increases productivity, keeps cost at a minimumand allows for the economy to grow rapidly. However, from an individual standpoint does specialization limit a person's marketability?

Since a person is specialized in only one aspect of production they can only provide that skill as long as it is needed in the economy. Yet, what happens when there is a shift in technology or the production process and that person's skills is no longer needed.

Is it better for a person to possess several skills instead of being specialized in simply one?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Children's Hospital & Clinics COO Julie Morath set out to change the culture by instituting a policy of blameless reporting, which encourages employees to report anything that goes wrong or seems...

After reading the transcript for the video below, research beyond what is stated to respond with examples to answer the question: -During the Salesforce portion it was mentioned that Salesforce...

A Norman window has the outline of a semicircle on top of a rectangle. Suppose there are 8 + feet of wood trim available. Discuss why a window designer might want to maximize the area of the window....

A alpha source gives off alpha particles each with a kinetic energy of 2.78 MeV. At what rate (in watts) is kinetic energy being produced?

Determine the capillary rise for a water-air-glass interface at 40C in a clean glass tube having a radius of 1 mm.

What type of office space and equipment are provided?

CPI sells computer peripherals. At December 31, 2011, CPIs inventory amounted to $500,000. During the first week in January 2012, the company made only one purchase and one sale. These transactions...

Assume you will finance the cost of the total investment (or average total investment) and present the following scenarios for McDonalds: Assume a 5-year loan period at 5% interest rate per year and...

In this exercise you will be assuming the role of an Account Manager working within our Personal Care Appliances category during Amazon Black Friday. You act as a general manager responsible for...

1. The air pressure in a particular room varies from point to point and is given by T(x,y,z)=x 5xyz2 ez, where (x, y, z) describes a general point in the room (with reference to a Cartesian...

Repeat Problem 92 for a diverging mirror. Comment on any similarities or differences with the two types of mirrors. Data from Problem 92 A converging mirror has a focal length of \(300...

A compound microscope consists of two converging lenses, the objective lens and the eyepiece lens, positioned on a common optical axis (Figure 33.47). The objective lens is positioned to form a real,...

An object that has a small aperture is placed between a light source and a screen, as shown in Figure 33.4. Which parts of the screen are in the shadow? Data from Figure 33.4 object screen (edge on)...

Two balls of identical size (ball 1 made up of nylon and ball 2 made up of rubber) were rubbed against each other so that they carry a uniformly distributed charge of magnitude $0.25 \mathrm{nC}$....

PH Ltd. furnishes the following information relating to budgeted sales and actual sales for April. Calculate the following variances: (1) Sales quantity variance, (2) Sales mix variance, (3) Sales...

Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned....

7. FALSE DILEMMA 8. GANDWAGON Definition: Fallacy example: How to revise argument: Definition: Fallacy example: How to revise argument:

4. Use the results of Prob. 3 to find an orthogonal matrix P such that P'RP is a diagonal matrix (see Corollary 10.3.1.1).

3. Find the characteristic roots and characteristic vectors of R in Prob. 1.

2. In Prob. 1 find V and hence show that the covariance of x and y is equal to $ho\sigma_x\sigma_y$.