2-Division of labor

  1. About
    1. Divides production of goods into smaller parts
    2. Increased production due to specialization
    3. Wealthier economies tend to have a high rate of specialization, larger institutions produce at a larger rate of return then smaller firms
  2. Society
    1. We go to work and use money to buy necessities,
    2. Most among us could not create their own food.
    3. We, however, don’t worry if our bread will be in the store tomorrow.
    4. Larger cities have a higher degree of specialization
      1. Even for semi-parts, take a car for example,
      2. Parts are made all over the world and come together to make a car
    5. A smaller city, however, will leave most neccessitive work to a greater percent of an already small population.
  3. Dividing the labor
    1. Set using value and scarcity, with both a positive the greater the division
    2. If everything went into a storehouse and whatever you want you take, and only that which gets put in gets taken out
    3. Working on the honor system, there may be some who don’t put anything in but take things out.
    4. It also eliminates the idea of value and there would be no account for supply and demand.
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