Adam Smith's Example of the Pin Factory Demonstrates That Economies

question 40

True/False

Adam Smith's example of the pin factory demonstrates that economies of scale result from specialization.

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Definitions:

Sensorimotor Period

The first stage of Jean Piaget's theory of cognitive development, occurring from birth to approximately two years of age, where an infant's knowledge of the world is limited to their sensory perceptions and motor activities.

Preconventional Level

The first level of Kohlberg's stages of moral development, where an individual's moral reasoning is based primarily on the consequences of actions and on rewards and punishments.

Moral Reasoning

The process of determining what is right or wrong in a given situation, based on ethical principles and moral values.

Higher Power

A spiritual entity or force believed to be greater than oneself, often central in various religious and spiritual beliefs.