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What consist of separating the production of goods and services into smaller tasks?
division of labor
What is the difference between division of labor by product and the division of labor by process?
division of labour by product is people who exchange things for money and use the money to buy goods and services therefore division of labour by process is organising production in stages or process
What best explains the role that labor has in the production of goods and services?
Land,labor, and capital are all resources of production necessary to produce goods and services.
What is the difference between the revenue that a business gets for its goods and services and the cost of producing the goods and services?
Labor
Which statement BEST explains the role that labor has in the production of goods and services?
land,labor, and capital are all resources of production necessary to produce goods and services
What is division of labor and why is it important in the free market?
Division of labor refers to the breakdown of production processes into specialized tasks, allowing workers to focus on specific roles. This specialization increases efficiency and productivity, as individuals become more skilled at their particular tasks. In a free market, division of labor drives innovation and economic growth by enabling faster production and reducing costs, ultimately benefiting consumers through a greater variety of goods and services at lower prices.
What Labor operates capital to create?
goods and services.
How does division of labor improve standard of living?
Division of labor allows individuals to specialize in certain tasks, leading to increased efficiency and productivity. This specialization results in higher quality goods and services being produced at lower costs, ultimately increasing the overall standard of living by providing access to a greater variety of products and services.
Goods prouduced for the pupose of making other goods and services are called?
The hiring of labor power only results in the production of goods or services.
What are natural resources that are used to make goods and services?
labor
___________ is the driving force behind the production of goods and services.?
Labor
What is supplied by households in the circular flow of goods and services.?
Labor
