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5 May, 10:16

Specialization of labor

a. increases productivity without creating any problemsb. reduces productivity, and is usually eliminated by business firmsc. can create problems of boredom and repetitive motion injuriesd. prevents the introduction of more sophisticated and efficient production techniquese. ignores individual preferences and natural abilities

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  1. 5 May, 10:35
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    Economic efficiency implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one entity would harm another
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