The Division of Labour Enhances Productivity and Efficiency By

question 101

Multiple Choice

The division of labour enhances productivity and efficiency by:

• A)allowing workers to take advantage of existing differences in their abilities and skills.
• B)avoiding the time loss involved in shifting from one production task to another.
• C)allowing workers to develop skills by working on one, or a limited number, of tasks.
• D)all of the above means.

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Definitions:

Utility

A measure of satisfaction or happiness that a consumer gains from consuming a good or service.

Income

The financial gain received by an individual or business, typically in the form of wages, salaries, or profits, for providing labor or capital or through investing.

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing and signed by the party or parties to be charged, with the purpose of preventing fraud and perjury in the performance and enforcement of agreements involving significant matters.

Written Document

A composed material that records information in written form for communication or archival purposes.