Question

2) Describe, according to Adam Smith, the benefits of the division of labor (see chapter 1)....

2) Describe, according to Adam Smith, the benefits of the division of labor (see chapter 1). How does the division of labor make the English laborer more well off than the African king?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Adam Smith was supporter of free market system and believed that free market system increases output and efficiency. Further, he stressed on importance of division of labor. According to division of labor, each worker performs only specific task in process of production. Whole production process is divided into multiple tasks.

When worker perform only specific task, productivity rises automatically.

English government easily adopted such system and increased its productivity significantly. Rise in productivity further give rise to income and output of workers, thus English labor became more well off than African king. African king did not go for division of labor.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1) According to Adam Smith, an economy of people making decisions based on self interest would...
1) According to Adam Smith, an economy of people making decisions based on self interest would Select one: a. lead to economic warfare as consumers, workers and employers would never come to any agreement. b. create a chaotic and conflicted economy. c. lead to socialism, thus Smith argued for governmental controlled prices and wages. d. lead to a "harmony of interests". 2) An economic model is defined as: Select one: a. data adjusted for irrational actions. b. a simplified representation...
1.Which of the following is not required for the “invisible hand” described by Adam Smith to...
1.Which of the following is not required for the “invisible hand” described by Adam Smith to benefit society? A.Both parties to a transaction must be rational and well informed. B.Both parties to a transaction must care about each other, and want to make the other person happy. C.Property rights must be well defined. D.Property rights must be clear and enforced by law. 2.George Akerloff focused the market for used cars and discussed an issue later generally called the “lemons problem.”...
1. Describe the employee benefits at publix. What changes would you like to see made and...
1. Describe the employee benefits at publix. What changes would you like to see made and why? 2. Describe in detail the sick time policy at publix. Include details such as how many days a year are allocated to sick time. Do extra days carry over to the next year? Are employees ever compensated in any way for not using their sick time? How does the current sick time policy effect employee behavior? (For example, for companies that pay a...
5. Describe one specific social context of family life related in the chapter 1 and 2....
5. Describe one specific social context of family life related in the chapter 1 and 2. Does what you read march with what you see in everyday life?
Subject: Business Ethics Answer in more than 3 sentences 1.explain what Marx means by 'fetishism of...
Subject: Business Ethics Answer in more than 3 sentences 1.explain what Marx means by 'fetishism of commodities' and explain at least one situation in which production does not involve such a fetish. 2.According to Adam Smith, how should capital be used productively and how will its productive use better the lives of all people in socity?
1. Why did Adam Smith assert that "a free market economy would best promote economic growth...
1. Why did Adam Smith assert that "a free market economy would best promote economic growth and raise living standards?" 2. Why did Karl Marx predict that "the capitalist system of private ownership would eventually self-destruct?"  3. What opportunity costs did you incur ? 4. Assume that it takes four hours of labor time to paint a room and two hours to sand a floor. If all 24 hours were spent painting, (a) How many rooms could be painted by one worker?...
A prisoner's dilemma exists when 1. there are no benefits at all from any strategy. 2....
A prisoner's dilemma exists when 1. there are no benefits at all from any strategy. 2. all but one party is worse off. 3. all parties are as well off as possible. 4. all parties are worse off than would be the case if the parties could agree to another set of behaviors.
1. Describe the theory of labor demand and define all assumptions and functions. How does the...
1. Describe the theory of labor demand and define all assumptions and functions. How does the firm make its employment decision in the long run? 2. Discuss the effects of the wage subsidy for unskilled labor on all factors of production, that is, both types of labor and capital. Consider the model with two types of labor: skilled and unskilled labor.
1.Joe, Patrick, and Adam are friends. They have the same preference over consumption and leisure. Joe...
1.Joe, Patrick, and Adam are friends. They have the same preference over consumption and leisure. Joe has two jobs. He auditions for sitcoms during daytime and works at CVS at night time. Patrick works from 9 to 5 as a curator at a local museum. Adam is a partner of a law firm and works over time almost every week. Clearly both Joe and Adam work more than Patrick. This is because that Why the answer is "for Joe income...
1.What are the benefits of the proposed TTIP? 2.Can you think of any drawbacks associated with...
1.What are the benefits of the proposed TTIP? 2.Can you think of any drawbacks associated with the TTIP? 3.Two decades ago when the United States entered into the North Amerrican free trade Agreement with Canada and Maxico, there was significant opposition from organized labor and some politicians.There does not seem to be the same level of opposittion to the TTIP Why do you think this is so? 4.The trans Pacific Partnership(TTP) has met with significant political resistance in the United...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT