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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Give the three reasons that explain why the division of labor increases an economy’s level of production.

To determine

The three reasons how division of labor increases an economy’s level of production.

Explanation

Specialization; this allows workers to focus on the production of their specialized talents.

Workers that specialize in their task tend to produce higher quality items more quickly.

Allows consumers and producers to take advantage of economies of scale

It is advisable to computer software engineer to hire a painter to paint his house rather than doing it on his own, so that he could utilize his time and skills in the job he is more specialized at. This type of division of labor, gives a comparative advantage to the software engineer as well as the painter, and helps them to perform with their utmost efficiency.

Here, the engineer will focus on the job where he has advantage and will be more effective rather than doing a multitude of things...

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