What does 'Division of Labour' refer to?

'Division of Labour' refers to the process where production is divided into various tasks, each performed by different individuals or groups. This concept enhances efficiency since individuals can focus on specific tasks they are skilled at, leading to an increase in productivity and expertise. By breaking down the production process, businesses can streamline operations, reduce the time taken to produce goods or services, and improve quality as workers become adept at their designated tasks.

The other options address different concepts relevant to business. The specialization of production processes pertains to improving the efficiency and skill level in manufacturing but does not encapsulate the notion of tasks being allocated to different workers. Financial delegation in business management relates to distributing financial responsibilities and decision-making power among various managers but does not involve physical tasks in production. Market segmentation deals with the division of broader consumer markets into smaller segments based on specific characteristics but is unrelated to the internal operational process of production. Thus, the correct interpretation of 'Division of Labour' specifically aligns with the splitting of production tasks among different people.