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What is Specialisation? Through years, production has developed into a complicated process and thus broken down into a series of highly specialised task. Each task is then performed by a worker. This is known as Division of Labour. Advantages of Division of Labour ·Practise makes perfect: Worker specialises in a particular task and gives in the best, thus producing goods faster and less wastage of material. (FASTER) ·Use of machinery: Specialised machinery can be used which is further increase the productivity. ·Increased Output: with improvement in efficiency and use of machinery output is increased. ·Saves time:There is no time wasted in switching of jobs and thus the momentum of production can be maintained which leads to less wastage of time. Disadvantages of Division of Labour ·Boredom: Performing the same task over and over again may lead to boredom for the workers. ·Lack of variety: Though the number of goods produced increases but they are identical or standardized. ·Low motivation …

Why Most of the country have mixed economic system

Why Most of the country have mixed economic system
1.    @  Market economies experience high unemployment sometimes because it may not be profitable to employ people. In a mixed economy if there is un­employment the Government may be able to create jobs for those people out of work by employing them in their own offices and factories, or by helping private firms to provide jobs.
2.   @ Public goods, such as defence, law and order, and street-lighting, will not be provided by private firms in a market economy as it would be impossible to get people to pay for their use. In a mixed economy a Government
can provide these public goods and raise the money necessary to pay for them by taxing people's income and spending. In addition, the Government may provide merit goods, such as education and health care, which it feels
people should have.
3.   @  Because some people may want to buy dangerous goods like drugs, firms in a market economy may find it profitable to provide them. In a mixed e…


Market Failure What is market failure? Market failure occurs when freely-functioning markets, fail to deliver an efficient allocation of resources. The result is a loss of economic and social welfare. Market failure exists when the competitive outcome of markets is not efficient from the point of view of society as a whole. This is usually because the benefits that the free-market confers on individuals or businesses carrying out a particular activity diverge from the benefits to society as a whole. There are many instances when the free market fails to deliver an efficient allocation of resources. Market failure results in Productive inefficiency: Businesses are not maximising output from given factor inputs. This is a problem because the lost output from inefficient production could have been used to satisfy more wants and needs Allocative inefficiency: Resources are misallocated and producing goods and services not wanted by consumers. This is a problem because resou…