When Adam Smith Reported on How 10 Pin Makers Working

question 181

True/False

When Adam Smith reported on how 10 pin makers working together could produce many times more pins, because they performed specialized tasks, Smith was describing the benefits of job enrichment.

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Definitions:

Sunk-cost Fallacy

The misconception that one should continue on a course of action because they have already invested resources (time, money, effort), regardless of the current and future costs.

Programmed Decisions

Decisions that are routine and repetitive, often made using predetermined rules and procedures.

False Consensus Effect

A cognitive bias whereby individuals overestimate the extent to which their beliefs, feelings, or behaviors are shared by others.

Innovation Process

A sequence of actions involving the creation, advancement, and execution of novel concepts or items.