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mel-nik [20]
3 years ago
14

Consider the needs of the market. Often businesses and individuals decide to specialize.

History
2 answers:
Pachacha [2.7K]3 years ago
8 0

Answer:

In An Inquiry into the Nature and Causes of the Wealth of Nations (1776), he describes the benefits of one type of specialization, division of labor, which is when cooperating individuals perform specialized tasks. Smith discusses this type of specialization in context of a pin factory.

zimovet [89]3 years ago
5 0
Adam Smith was one of the first economists to explain the benefits one gets from specialization. He focused on describing the benefits of individuals specializing in labor. In An Inquiry into the Nature and Causes of the Wealth of Nations<span> (1776), he describes the benefits of one type of specialization, </span>division of labor<span>, which is when cooperating individuals perform specialized tasks. Smith discusses this type of specialization in context of a pin factory.</span>
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