Examlex
According to the principles of scientific management, the best way to improve productivity is to
Specialization
Specialization refers to the process of focusing effort and resources on the production of a particular product or a limited scope of products, leading to increased efficiency.
Specialization and Trade
The economic strategy where individuals or nations focus on producing specific goods or services and exchange them, increasing efficiency and wealth.
Jack-of-all-trades
An individual skilled in many different areas, capable of performing competently in a variety of tasks or professions.
Net Exports
The difference between a country's total value of exports and total value of imports. If exports exceed imports, net exports are positive; if imports exceed exports, net exports are negative.
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