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Firms' Gains from Specialization

Question

Analyse how firms can benefit from specialisation.

Category:

Firm Behavior and Strategies

Preview Answer

STEPS TO WRITE ESSAY 💡MAIN POINTS💡OVERVIEW

I. Introduction
A. Definition of specialisation
B. Importance of specialisation in economics
C. Thesis statement

II. Benefits of specialisation for firms
A. Improved skills of workers
B. Time-saving
C. Invention of new technology
D. Increased productivity
E. Raised quality
F. Decreased average cost of production
G. Decreased prices
H. Increased demand
I. Advantage of economies of scale
J. Increased profits

III. Case studies of firms that have benefited from specialisation
A. Apple Inc.
B. Toyota Motor Corporation
C. Nike Inc.

IV. Challenges of specialisation for firms
A. Dependence on a single product or service
B. Limited flexibility
C. Increased competition
D. Risk of overspecialisation

V. Conclusion
A. Recap of benefits of specialisation for firms
B. Importance of balancing specialisation with diversification
C. Future implications of specialisation in the global economy.

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