8. Specialization, or division of labor (4 points) O Results in a lower standard of living
Provides the most efficient use of limited resources
O Increases unemployment
All of the above

Provides the most efficient use of limited resources.

Explanation:

Job specialization can be defined as a strategic process which typically involves the ability of employees working in an organization to develop specific skills, knowledge, great expertise or professionalism and experience to perform their duties, tasks or job functions effectively and efficiently.

In order to gain the requisite skills, expertise and knowledge for job specialization, it is very important for the employees to have undergone an extensive training and a good number of years in work experience.

One of the advantages of specialization is to increase efficiency and productivity because the employees are able to specialize in the use of specific tools (equipments) to accomplish their tasks, as well as limit the level of error or mistakes in the production process.

Division of labor refers to a method of production in which a project or task is divided into multiple sections and a group of workers (employees) are assigned specific tasks to complete based on their skill set, expertise, knowledge or area of specialization.

Hence, specialization, or division of labor provides the most efficient use of limited resources by eliminating wastage and maximizing value for growth and development in an organization.

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