What is specialisation?

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Presentation transcript:

What is specialisation? LO Understand Specialisation and how and why individuals, firms and countries specialise. Evaluate the costs and benefits of individuals/firms specialising.

Key term- Surplus Why do we specialise? Numerical Examples: Labour Land

Costs& Benefits of Specialisation Copy down both boxes page 11.

Money What are the four functions of money? Firstly money must follow certain aspects such as being divisible, portable and recognisable. Medium of exchange Unit of account Store of Value (cant store under bed, inflation) Means of deferred payment Activity p11

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