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Markets and Division of Labor - Case Study Example

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The present study "Markets and Division of Labor" deals with the market that is one of the areas where the world of commerce and the entire business community comes under one roof with their unique set of ideas, thoughts, and creativity in order to compete for a firm and enduring recognition…
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Markets and Division of Labor
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Download file to see previous pages This splitting up and distributing the labor into smaller tasks and jobs emerged the concept of division of labor, as the production process is a huge and complex process. Adam Smith, one of the well-known economists and capitalists, not only presented this idea of division of labor but also was one of the first people to attempt a theory of it. This means that instead of one person striving to complete the entire job, allocating a group of people to perform a small number of specialized tasks would result in greater productive outputs of intricate jobs with less amount of investment utilization (Smith, 2009, pp. 7-10).
In other words, the breaking or splitting the entire (big) job into smaller tasks and duties so that multiple workforces perform the tasks and duties, instead of a single person performing the entire job. Moreover, the division of labors means that the labors come under severance into different categories of labor where each set of different workers perform a different task with the division of the work that can come under accomplishment into a product (Smith, 2009, pp. 7-10).
This splitting up the workers for specialized work lays the foundation on the principle that the workforce would be able to produce a higher degree of efficiency and productive output when they come under constraint to perform a particular process, rather than the entire route. Furthermore, by performing smaller tasks, the workers tend to become more skillful and expert in that particular area of production, thus they would be able to be more productive. This also means that the specialized worker would also require less time in production as the time in switching the jobs would come under elimination (Besanko, Dranove, Shanley & Schaefer, 2009, pp. 49-51).
Division of labor is one of the fundamental ideologies used in the production systems. This division of labor into specialized jobs reduces the overall cost leads to the comparative advantage for the organization. ...Download file to see next pagesRead More
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