alittle store

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Title: alittle store

Essay Details:

Subject: Biographies

Author: Daniel C

Date: February 9, 2014

Level:

Grade: B

Length: 5 / 1343

Essay text:

The division of labor is the central factor in Smith's theory of economic growth. Division of labor is the splitting of a large task into smaller tasks and then having one person is responsible for only one or two of the smaller tasks, which leads to an increase in productivity and stimulates the entire growth cycle, which increases the efficiency of the whole task. The division of labor and the accumulation of capital are what Adam Smith believed to be the driving forces of economic growth in any nation. He found that when the division of labor had broken down the production into a series of simple operations it was more natural for tools and machinery to be invented that replace hand labor and made everything go faster...

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