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Social Science
Economics
Chapter 1 and 2: Econ Test (Rose, follows review guide & practice)
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Why does the division of labor increase an economy's level of production?
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When tasks involved in producing a good or service are divided and subdivided, businesses and workers can produce a greater quantity of output.
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Terms in this set (45)
Why does the division of labor increase an economy's level of production?
When tasks involved in producing a good or service are divided and subdivided, businesses and workers can produce a greater quantity of output.
What is the division of labor?
The way a good/service is produced is divided into a number of tasks that are performed by different workers, instead of all the tasks being done by the same person.
What is economics?
The study of how people allocate their resources to satisfy unlimited wants and needs.
What are economies of scale?
A proportionate saving in costs gained by an increase level of production.
What is scarcity?
Humans wants for goods, resources, and services exceed what is available.
