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Summary 1.1.5 Specialisation and the Division of labour - Edexcel economics notes £8.49
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  3. PEARSON (PEARSON)
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  5. Economics A
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  7. Nature of economicss

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Summary 1.1.5 Specialisation and the Division of labour - Edexcel economics notes

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Specialisation, Division of Labour, Advantages and disadvantages of division of labour both for the employer and the employee. Characteristics of money Functions of money: Medium of exchange, Measure of value, Store of value, Method of deferred payment Forms of money

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  • November 13, 2022
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  • 2022/2023
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Specialisation:
◦Production of a limited range of goods by an individual, rm or country in co-operation with
others so that together a complete range of goods is produced


Division of Labour:
◦Dividing the workforce into sections in which each worker specialises in a particular task
◦Specialisation of individuals


These steps should help to increase productivity which in turn helps to get rid of the basic economic
problem of scarcity



Advantages:
◦Employee:
‣ Become an expert
◦Employer:
‣ Increase in labour productivity
‣ Increase in ine ciency of resources
‣ Increase in quality of output


Disadvantages:
◦Employee:
‣ Repetition creates monotony
‣ Makes it easier to replace workers with machines
‣ Can lead to blame culture
◦Employer:
‣ Creates interdependence in production
‣ Quality could su er due to an unmotivated workforce


Specialisation:
◦By world specialisation and trade global production possibility increases
◦Countries should specialise in the goods for which they have the lowest opportunity cost to
produce



Characteristics of Money:
◦Durability
◦Portable
◦Divisible
◦Hard to counterfeit
◦Generally accepted by population
◦Valuable

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