How does specialisation benefit regions economically?

Specialisation benefits regions economically primarily by enhancing local infrastructure development. When a region focuses on a specific industry or sector, it tends to attract investments in the necessary infrastructure to support that specialization. For instance, if a region specializes in technology, it may see improvements in internet connectivity, transportation, and facilities that cater specifically to tech businesses. These advancements not only support the specialized industry but can also create a multiplier effect, leading to job creation, increased productivity, and potentially attracting further investments into the area.

Focusing on the other options, workforce migration is more of a consequence of specialisation rather than a direct economic benefit. While it might encourage people to move to regions offering better job opportunities or salaries, this migration doesn't inherently ensure economic development. The reduction of global trade is also not a benefit of specialisation; instead, it often leads to increased interdependence on international markets. Finally, while competition can drive efficiency and innovation, it is a broader concept that may not be specific to the economic benefits derived from a region's specialisation. Specialisation itself typically leads to collaborative rather than competitive dynamics within the local economy.