Describe the Difference Between Formalization and Specialization

question 81

Essay

Describe the difference between formalization and specialization. Is it possible for an organization to be high in one and low in the others or vice versa?

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Definitions:

Complement

Goods or services that, when used together, enhance each other's value to the consumer.

Income Increase

A rise in the amount of money received, especially on a regular basis, through work, investments, or business.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, and vice versa.

Income Increase

A rise in the amount of money received, especially on a regular basis, through work, investments, or other sources.