Specialization of Labor Means That

question 79

Multiple Choice

Specialization of labor means that:

• A)production requires a special kind of labor.
• B)the overall skill level of labor is increasing.
• C)individuals produce goods other than those they want to consume.
• D)individuals achieve self-sufficiency in production.
• E)exchange within an economy consists of trading in services.

---

Definitions:

Rules Of Agency

Guidelines governing the relationship between a principal and an agent, where the agent acts on behalf of the principal.

Officers

Officers are individuals charged with the management and operational duties within an organization, often holding specific titles and responsibilities.

Corporate Articles

Legal documents filed with a governmental body to formally establish the existence of a corporation under the law.

Equity

A measure of ownership interest in a corporation or asset, reflecting the residual value to shareholders after debts and liabilities have been settled.