Answer:
Advantages from specialisation (division) of labour:
Higher productivity and efficiency – e.g. rising output per person hour. Lower unit costs leading to higher profits. Encourages investment in specific capital – economies of scale.
Explanation:
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Calvin Coolidge (1872-1933), the 30th U.S. president, led the nation through most of the Roaring Twenties, a decade of dynamic social and cultural change, materialism and excess. He took office on August 3, 1923, following the sudden death of President Warren G. Harding (1865-1923),
Nicknamed “Silent Cal” for his quiet, steadfast and frugal nature, Coolidge, a former Republican governor of Massachusetts, cleaned up the rampant corruption of the Harding administration and provided a model of stability and respectability for the American people in an era of fast-paced modernization. He was a pro-business conservative who favored tax cuts and limited government spending. Yet some of his laissez-faire policies also contributed to the economic problems that erupted into the Great Depression
Coolidge’s policies in office continued to be guided by his strong belief in private enterprise and small government. He cut taxes, limited government spending and stacked regulatory commissions with people sympathetic to business. Coolidge once said, “The chief business of the American people is business.” He also rejected U.S. membership in the League of Nations and set high tariffs on imported goods to protect American industry.
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