2007-11-26 02:19:38 · 2 answers · asked by Pumpkin Pie 1 in Business & Finance ➔ Other - Business & Finance
Adam Smith answered this over 200 years ago -- specialization of labor increases total output for the same labor inputs -- frequently many times over.
much of your standard of living and every trading country's labor productivity is due to this effect.
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alas, many politicians just don't get it and thus propose all sorts of restrictive trade schemes -- none of which will help their country and many of which will probably lower their income growth rate, or worse.
2007-11-26 02:29:54 · answer #1 · answered by Spock (rhp) 7 · 0⤊ 0⤋
it means people do less tasks but their chosen task is better by repetition and consequently increases productivity and quality and results in greater profitability
2007-11-26 02:36:42 · answer #2 · answered by Barbarian 5 · 0⤊ 0⤋