Ask AI: Explain the economic concept of specialization in your own words and give a real-world example

Specialization is the concept of concentrating effort on a particular area or task to become more efficient and successful in that area. It is based on the idea that it is often easier to develop a high level of expertise in one particular area than to acquire a broad base of knowledge in many different areas. A real-world example of specialization is a business that specializes in a specific type of product or service, such as a car dealership or a lawn care company. Specializing allows businesses to focus their efforts and resources on what they do best and become the leading provider of that type of service or product.