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In 1776, Adam Smith discovered if each of ten workers did all the steps of making pins each could make 200 a day. By specialization the same group could make 48,000 a day.
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∙ 14y ago
Adam Smith believed that specialization was essential for economic efficiency and growth. He argued that when workers focus on a specific task or skill, they can become more productive and efficient. This specialization leads to increased output, lower costs, and ultimately economic prosperity.
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After visiting the pin factory Adam smith developed which theory?
After visiting the pin factory, Adam Smith developed the theory of division of labor, which states that breaking down tasks into smaller, specialized parts can increase productivity and efficiency. Smith's observations at the pin factory highlighted the benefits of specialization in the production process.
Where was Adam Smith born?
Adam Smith was born in Kirkcaldy, Scotland.
How old was Adam Smith when he died?
Adam Smith died at the age of 67 in 1790.
Which country did Adam Smith live?
Adam Smith lived in Scotland.
Where did Adam Smith grow up?
Adam Smith grew up in Kirkcaldy, Scotland.
Who introduced the productions concept of specialization?
Adam smith
What year did Adam Smith suggest specialization of jobs?
1776
What theory did Adam smith develope after visiting the pin factory?
Specialization and division of labor
What was not a belief of Adam Smith?
Specialization would lead the worker to become depressed spiritually and physically.
After visiting the pin factory Adam smith developed which theory?
After visiting the pin factory, Adam Smith developed the theory of division of labor, which states that breaking down tasks into smaller, specialized parts can increase productivity and efficiency. Smith's observations at the pin factory highlighted the benefits of specialization in the production process.
Did Adam smith helped develop the assembly line and mass production?
Adam Smith's theory on the division of labour helped develop assembly lines. He said that specialization would lead to higher efficiency because a worker can become an expert at the one small job.
Who is referred to as the father of economics?
John Maynard Keynes
What has the author Lilian Adam Smith written?
Lilian Adam Smith has written: 'George Adam Smith'
Adam Smith what is he most known for?
Adam smith...........
What do we mean when we say invisible hand?
Adam Smith's invisible hand theory
How tall is Adam C Smith?
Adam C Smith is 5' 9".
The free-market system of capitalism was defended in the book The Wealth of Nations by whom?
Adam Smith wrote the book called the wealth of nations
