Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. Business Business Essentials. Business Essentials Guide to Mergers and Acquisitions. Marcus asks his employer for opportunities to advance and that begin him on a path to learn about loan fulfillment.
Soon, Marcus becomes a loan processor. Loan processing skills are a resource Marcus can take with him to other jobs throughout his career. Primary duties: Loan processors communicate with financial institutions and individuals or businesses seeking financed money.
They are responsible for ensuring lenders have all the information to decide the borrower, and that borrowers understand the terms of the loan agreement. They submit loan packages to underwriters and are responsible for understanding financial compliance regulations around lending.
Medical professionals can specialize in several areas. Some examples of medical specializations include careers like neonatal nursing, family medicine, internal medicine, diagnostic radiology and more. Example: Laura works as a nurse at a major hospital but her passion is helping people who have critical needs. She decides to apply for an open ER nurse position at the hospital where she works.
Laura is hired for the role and will receive all the training and experience she needs to specialize from her employer. Primary duties: Emergency room nurses administer all aspects of patient care to patients who are experiencing emergency situations and conditions. They are also responsible for keeping patient records. They must be highly organized, responsive and skilled. These are specializations that help IT professionals advance in the various paths available to people in the industry.
This includes network specialists, Python developers, cybersecurity, database specialties and more. Example: Luis is considering a career in technology. He has worked as a help desk technician for five years and likes it, but he wants something that offers better pay and leads him down a more fulfilling path. Luis decides to achieve an entry-level cybersecurity certification. With this certificate, employers can be certain Luis has the knowledge and skill to be a specialized cybersecurity employee.
Find jobs. Company reviews. Find salaries. By specializing and then trading, Britain can get a unit of wine for only units of labor by trading cloth for labor instead of taking units of labor to produce the wine itself assuming the price of Cloth to Wine is 1.
Similarly, Portugal can specialize in wine and get a unit of cloth for only 80 units of labor by trading, instead of the 90 units of labor it would take to produce the cloth domestically. Each country will continue to trade until the price equals the opportunity cost, at which point it will decide to just produce the other good domestically instead of trading. Thus in this example with no trade costs both countries benefit from specializing and then trading.
Of course, there are also some potential downsides to specialization: Threats to uncompetitive sectors: Some parts of the economy may not be able to compete with cheaper or better imports. For example, firms in United States may see demand for their products fall due to cheaper imports from China.
This may lead to structural unemployment. Risk of over-specialization: Global demand may shift, so that there is no longer demand for the good or service produced by a country. For example, the global demand for rubber has fallen due the the availability of synthetic substitutes. Countries may experience high levels of persistent structural unemployment and low GPD because demand for their products has fallen. Few generalists will have the same opportunities because they lack specific knowledge.
When given a choice, customers lacking information are more confident in turning to someone who has shown they know much more than they do about a particular subject. That means that specialists have an easier job of marketing their businesses, because they can be clear about exactly what products and services they sell and who they serve.
That helps potential customers more easily find them. Customers in need of a personal trainer who works with older adults will gravitate towards trainers who position themselves as serving that market, just as consumers with Celiac disease will likely prefer a gluten-free bakery to a general bakery with a small gluten-free inventory.
Being a specialist makes it easier to explain to customers exactly what you do and who your ideal client is. Cardiothoracic surgeons make more than general surgeons, just as medical malpractice attorneys with both an MD and a JD earn much more than corporate lawyers. Retailers like The Container Store, which specializes in how to organize and store things we own, can charge a premium for curating items that only relate to containing things. Graphic design firms that only design logos can charge more, since clients understand that they are hiring professionals who specialize in this one niche.
All things being equal, customers prefer to hire experts, not generalists. When you decide to invest time in understanding one aspect of your field — taking a deep dive rather than a broad brush, as they say — you benefit from repetition. You begin to see the same problems or situations more frequently. The more you specialize, the more educated you are about that one subject. The result is less of a need for research when a client comes to you with a problem.
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