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Society is hurt when business managers behave ethically.
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.
Absolute Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than competitors using the same amount of resources.
Comparative Advantage
An economic theory that suggests a country should produce and export goods in which it has a lower opportunity cost than other countries.
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