1.1.5 Specialisation and the division of labour

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    a) Specialisation and the division of labour: reference to Adam Smith
    Specialisation refers to individuals, firms or an economy deciding to focus on the production of one good or part of a good – It generally increases productivity
    Division of labour refers to the process of splitting up the production process and allocating each task to a different worker
    b) The advantages and disadvantages of specialisation and the division of labour in organising production
    c) The advantages and disadvantages of specialising in the production of goods and services to trade

    d) The functions of money (as a medium of exchange, a measure of value, a store of value, a method of deferred payment)

     

     

     

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