How do division of labor and specialization contribute to economic growth

1 answer:

5 0

Division of labor and specialization, which were promoted to a large extent by Henry Ford and Frederick W. Taylor with the goal of increasing productivity and efficiency, contribute to economic growth because the worker, by being specialized, executes one, and the same, task or job over and over again, and, as a result, the final product or service is cheaper, of higher quality, and is produced in a shorter amount of time.

It was the Scottish economist and philosopher Adam Smith (1723-1790) the one that established that division of labor and specialization were the basis of productivity growth and wealth.

You might be interested in

The president is most likely to use an executive order to make important policy when:

klasskru [66]

Answer:

When the nation is at a time of crisis or in a very critical time in a war, the president might use executive orders.

5 0

2 years ago

I need to get information from far away. Which is best?

Mice21 [21]

The Internet is a great place to get information from far away.

8 0

3 years ago

Ralph enters psychotherapy for support while coping with the recent death of both of his parents. when he offers his life histor

andre [41]

Yes:Every human deserves help no matter the age, sexualality, gender, ect.

4 0

3 years ago

Read 2 more answers

All parties are presumed to have the legal capacity to enter into contracts. But certain persons, for reasons of public policy o

AysviL [449]

Answer: option D is the correct option.

Explanation:

The legal capability of individuals to form a binding contract is known as contractual capacity. Those that do not have contractual capacity are those with mental deficiencies and minors.

From the explanation above , we can that option (a) and option (b), that is minors and mental impairment respectively do not have contractual capacity.

For option (c), intoxicated persons are also not in their correct state of mind, so, they also do not have contractual capacity.

For option (d), person over eighty years old can have contractual capacity. In as much as the person is in his or her right

state of mind.

Additionally, in many countries all over the world, one has to be eighteen years of age and above in order to be able sign a binding contract.

8 0

3 years ago

buddhism was founded by siddhartha gautama. what type of family background was he born into? choose the two best words that rela

Serga [27]

Siddhartha Gautama, the prince of the Shaka clan, lived during the 5th century B.C. Gautama, the founder of Buddhism, was born into a wealthy family in present-day Nepal.

<h3>What five stages comprise the Buddha's life?</h3>

The five stages of his life are as follows: birth, insight, enlightenment, the first conversation, and death. To represent the pivotal periods in the man's life, each stage comprises significant events and encounters. The main ideas of his teachings are likewise connected to these stages

<h3>How does the Buddha's Eight Fold Path work?</h3>

Right perspective, right resolve, right speech, right behavior, right livelihood, right effort, right mindfulness, and right samadhi ('meditative absorption or union'; alternatively, equanimous meditative awareness) are the eight practices that make up the Eight-fold Path.

<h3>Has Buddha ever professed faith in God?</h3>

For Buddha, existence of God was irrelevant. Although there are supernatural beings who can aid or obstruct humans on the path to enlightenment, Buddhists do not believe in any form of deity or god.

To know more about Buddhism, visit:

brainly.com/question/8920497

#SPJ4

7 0

1 year ago