What term describes the practice of focusing on producing a single good or service?

Specialization refers to the practice of focusing on producing a single good or service, which allows individuals, firms, or economies to become more proficient and efficient in that particular area. By concentrating their efforts on a specific task or product, entities can take advantage of economies of scale and improve productivity, ultimately leading to better quality and reduced costs.

This approach also encourages the division of labor, where different workers or groups focus on different aspects of production. As a result, overall efficiency increases as tasks are completed more quickly and with higher levels of expertise. Specialization is a fundamental concept in economics and is essential for understanding how markets operate and how resources are allocated effectively.

The other terms, such as industrialization, manufacturing, and production, involve broader processes that include various activities beyond just focusing on a single good or service, thus differentiating them from the precise meaning of specialization.