1.1.5 Specialised Division of Labour Flashcards
1
Q
What is the specialised division of labour?
A
A process whereby the production process is broken down into a sequence of stages, and workers are assigned to a particular stage
2
Q
What did economists Adam Smith believe about the production process?
A
That when workers carried out all the production procedures themselves, production was inefficient
3
Q
What are the advantages of the specialised division of labour?
A
- more productive
- training is more cost effective
- promotes team work
4
Q
What are the disadvantages of the specialised division of labour?
A
- workers came become bored and careless, decreasing quality
- a team of workers becomes inflexible
- difficult to find cover for an absent worker
5
Q
What are the 4 function of money?
A
- medium of exchange
- measure of value
- store of value
- method of payment
