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  • Division of labour
  • specialized
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  • [dataTXT] Division of labour
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abstract
  • The division of labour is the separation of tasks in any economic system so that participants may specialize. Individuals, organizations, and nations are endowed with or acquire specialized capabilities and either form combinations or trade to take advantage of the capabilities of others in addition to their own. Specialized capabilities may include equipment or natural resources in addition to skills and training and complex combinations of such assets are often important, as when multiple items of specialized equipment and skilled operators are used to produce a single product. The division of labour is the motive for trade and the source of economic interdependence.
Subject
  • Basic financial concepts
  • Economic anthropology
  • Economic history
  • Economics terminology
  • Industrial history
  • Industry
  • Labor
  • Manufacturing
  • Marxism
  • Modes of production
  • Production economics
  • Sociological terminology
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