Specialization & Exchange

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Specialization & Exchange

GPS (just to start!) Standard(s): SSEF3 The student will explain how specialization and voluntary exchange between buyers and sellers increase the satisfaction of both parties. Give examples of how individuals and businesses specialize. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.

What is Specialization? Specialization is a method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system. Many countries, for example, specialize in producing the goods and services that are native to their part of the world, and they trade for other goods and services. This specialization is therefore the basis of global trade, as few countries have enough production capacity to be completely self-sustaining.

Examples: Job: Nurse Specialization-Prenatal Care Job: Teacher Specialization-Mathematics Job: Accountant Specialization-Tax Preparation Job: Psychologist Specialization-Behavior Modification

Business Specialization (local businesses) Masterbuilt: smokers and grills NCR: ATM Machines AFLAC: Cancer Insurance TSYS: Credit Card Manufacturing Pratt and Whitney: Airplane Engines

Read the excerpt on your paper. Underline the key points Read the excerpt on your paper. Underline the key points. Answer the questions and fill in the chart while you watch the video.