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Q90 (NDA-I/2016) Economy › Basic Concepts & National Income › Business finance basics Answer Verified

Division of labour often involves 1. specialized economic activity. 2. highly distinct productive roles. 3. involving everyone in many of the same activities. 4. individuals engage in only a single activity and are dependent on others to meet their various needs. Select the correct answer using the code given below:

Result
Your answer: —  Â·  Correct: B
Explanation

Division of labour refers to the separation of activities and the specialized allocation of tasks to different individuals. It involves specialized economic activity where complex productive tasks are split into simpler, specialized ones to increase productivity. This process results in highly distinct productive roles, as seen in Adam Smith's pin factory example where workers specialize in specific stages of production. Consequently, individuals engage in only a single activity or a narrow range of tasks, making them dependent on others to meet their various needs, a state known as economic interdependence. Conversely, involving everyone in the same activities (Statement 3) is the opposite of the division of labour, which thrives on differentiation rather than uniformity. Therefore, statements 1, 2, and 4 correctly describe the characteristics of the division of labour.

Sources

  1. [1] https://www.sciencedirect.com/topics/economics-econometrics-and-finance/division-of-labour
  2. [2] https://hub.economicfutures.ac.uk/specialisation-and-the-division-of-labour
  3. [3] https://en.wikipedia.org/wiki/Economic_interdependence
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