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Smith Assumed That Everyone Has Labor of Some Kind That

question 16

Essay

Smith assumed that everyone has labor of some kind that others need so that everyone has a place in the economy. Does the global economy really need the labor and skills of all 6.7 billion humans? Or is there a surplus of labor in the world? Has history shown Smith to be, for the most part, right or wrong? Why or why not?


Definitions:

Expensive

Referring to something that has a high cost or price, often requiring a considerable amount of money to purchase.

Hygiene Factors

Factors related to the work environment that, while not directly motivating, can lead to dissatisfaction if missing or inadequate; a concept in Herzberg's two-factor theory.

Herzberg

Refers to Frederick Herzberg, a psychologist best known for developing the Motivation-Hygiene Theory, which differentiates between factors that satisfy or dissatisfy employees in the workplace.

Motivators

Factors that influence an individual's level of motivation, potentially enhancing their willingness to engage in particular behaviors or pursue certain goals.

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