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Essay

Specialization, Division Of Labour, And Gains From Trade

Essay specific features

 

Issue:

Social Issues

 

Written by:

Iva H

 

Date added:

November 13, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

2 / 510

 

Was viewed:

4917 times

 

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Essay content:

Among each of these production systems, there may be: a corresponding division of labour with each worker having a distinct occupation or doing a specialized task as part of the production effort, correspondingly different types of capital equipment and differentiated land uses.[48][49][50] Adam Smith's Wealth of Nations (1776) notably discusses the benefits of the division of labour...
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How individuals can best apply their own labour or any other resource is a central subject in the first book of the series. Smith claimed that an individual would invest a resource, for example, land or labour, so as to earn the highest possible return on it. Consequently, all uses of the resource must yield an equal rate of return (adjusted for the relative riskiness of each enterprise)...
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General issues of this essay:
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