Asked by Mehki Welch on May 16, 2024
Verified
The underlying logic of Adam Smith's theory was used to advance the rationalization that he called specialization of labor.
Specialization of Labor
The division of labor into distinct tasks, where individuals specialize in specific tasks, improving efficiency and productivity.
Adam Smith
An 18th-century economist known for his writings on classical economics, including the concept of the division of labor and the benefits of free markets.
- Appreciate the connection between technology and globalization as influences driving change.
Verified Answer
CJ
Courtland JamesMay 18, 2024
Final Answer :
True
Explanation :
Adam Smith's theory of the invisible hand, which advocates for a market economy driven by self-interest and competition, also laid the foundation for his concept of the division of labor or specialization of labor. This idea entails breaking down large tasks into smaller, more specialized ones, allowing individuals to become experts in their field and leading to increased productivity and efficiency.
Learning Objectives
- Appreciate the connection between technology and globalization as influences driving change.
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