Adam Smith came up with the idea that people should do what they’re best at. For instance, a cook should cook, and a professor should teach.
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(1) Simple Division of Labour: A simple division of labor happens when multiple people work together on the same task
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(2) Complex Division of Labour. The text describes a complex division of labor in which a piece of work is divided into different processes
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This division of labour can be categorized into two kinds: 1. Division of Labour into Incomplete processes: When a whole job is broken into smaller parts, and each part is given to different workers. 2. Division of Labour into Incomplete processes: When a whole job is broken into smaller parts, and each part is given to different workers,
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When different industries are set up in various places around the world or within a single country, it’s called geographic division of labour.
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1. Saving of Time 2. Less Cost of Production 3. Superior Production 4. Increase in Production 5. Right man at the Right place
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1. Harmful dependence 2. Conflict between labourers and employers 3. Lack of responsibility 4. Loss of interest 5. Fear of Over-production
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1. Availability of Resources 2. Facilities of Trade 3. Nature of Demand 4. Extent of the Market 5. Mutual Co-operation of Workers
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1. Continuous Production 2. Development of means of transport 3. Monetary System 4. Co-operation 5. Sufficient Quantity of Labourers