Specialisation :
One firm / individual / country focusing on producing one
good or service
only
completing one task only
Byproduct : One firm focusing on producing one product
By process :
One firm focusing on one part of the production process
Division of Labour Production process being broken down:
into many parts
Barter Systems :
Exchange of goods -1 services in return for other goods +services
is not a medium for
↳
Money exchange
One firm / individual / country focusing on producing one
good or service
only
completing one task only
Byproduct : One firm focusing on producing one product
By process :
One firm focusing on one part of the production process
Division of Labour Production process being broken down:
into many parts
Barter Systems :
Exchange of goods -1 services in return for other goods +services
is not a medium for
↳
Money exchange