Division of Labor
This is the term for mastering a specific task and performing it.
Specialization.
This is the ability to produce a good or service using fewer resources than other producers.
Absolute advantage.
Name a benefit of specialization.
Greater production; higher living standards.
Name an issue with specialization.
This is the term for a kind of production that is broken down into numerous separate tasks with different workers performing each task.
Division of labor.
This is the ability to produce something at a lower opportunity cost than another producer.
Comparative advantage.
Define imports.
Goods and services brought from other countries.
Tom Hanks' character's name from Cast Away.
Chuck Noland.
This is the key to trade.
Specialization.
Specialization according to comparative advantage.
Define exports.
Goods and services produced domestically and sent abroad.
The volleyball.
WILSON!!!
Name the three types of division of labor.
Simple, complex, regional/international
Name the "Father of Economics" and traditional inventor of capitalism who wrote "The Wealth of Nations"
Adam Smith.
Define interdependence.
When nations/people rely on each other for goods/services.
Port o Potty piece.
This worldwide concept argues that trade between countries leads to highest efficiency.
Globalization.
Define tarriffs.
Taxes placed on imports.
Name some benefits of division of labor.
1. Practice makes perfect
2. You get really good at once thing
3. Economy of time
4. Mechanization
Name some drawbacks of division of labor.
1. Work becomes dull
2. Decline in quality
3. Greater degree of interdependence