The Division of Labor Refers To

question 113

Multiple Choice

The division of labor refers to:

• A)discrimination in labor markets.
• B)separating a job into smaller tasks completed by different people.
• C)one worker who divides his time among different jobs and duties.
• D)defining a job according to the appropriate sex of the worker.
• E)the fact that two 20-year-olds are more productive than one 40-year-old.

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Definitions:

Minimum Cost

The lowest possible expenditure required to achieve a specific outcome or maintain a certain standard of quality or efficiency.

Market Economy

An economic system where decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

Scarce Resources

Natural or human resources that are limited in supply, compelling choices regarding their use.

Willing and Able

Describes individuals who are both inclined and have the capacity to work or engage in economic activity.