1. In the country, place of regional economy. Special features in regional economy

Specialization of the regional economy and its complex development

Content

1.In the country, place of regional economy.

2.Special features in regional economy.

3.Complex development of them.

Regional development encourages economically disadvantaged communities to improve their economic, social, cultural and environmental well being by realising the full potential of a region's resources and its inhabitants.

Regional economics is a sub-discipline of economics and is often regarded as one of the fields of the social sciences.

• Regional specialization expresses the territorial perspective and depicts the distribution of the sectoral shares in one region, usually compared to the rest of the country, while geographic concentration of a specific industry reflects the distribution of its regional shares.

Types of specialization

• Labor specialization. Labor specialization is now commonplace in the workplace and is an important part of production.
• Departmental specialization.
• Business specialization.
• Regional specialization.
• Country specializtion

Benefits of specialization include greater economic efficiency, consumer benefits, and opportunities for growth for competitive sectors. The disadvantages of specialization include threats to uncompetitive sectors, the risk of over-specialization, and strategic vulnerability.

Complexity economics is the study of economic systems as complex systems. Complex systems are systems which consist of interacting individuals that change their actions and strategies in response to the outcome they mutually create

Simple goods are produced to satisfy the basic human wants. Variety of goods are produced in large quantity. Techniques used in the production process are simple. Techniques used in the production process are complex & highly advanced.

Regional complexity between developing countries to improve transport facilities, provide commercial information, and pool efforts in such areas as energy, water supply, research and development, and knowledge generation can be crucial for the success of development strategies.

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