Specialisation, Division of Labour, and Exchange (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is specialisation?
What is specialisation?
Worker focuses on one or narrow range of tasks
How does specialisation save time?
How does specialisation save time?
Workers avoid wasting time switching tasks
What is capital deepening?
What is capital deepening?
Investing in new, more advanced technology
What problem can specialisation cause for workers?
What problem can specialisation cause for workers?
De-skilling and worker alienation
What is the double coincidence of wants?
What is the double coincidence of wants?
Both parties must want what the other offers
How does money solve the barter problem?
How does money solve the barter problem?
Eliminates need for double coincidence
In Adam Smith's pin factory, how many pins could 10 specialised workers make daily?
In Adam Smith's pin factory, how many pins could 10 specialised workers make daily?
Upwards of forty-eight thousand pins
Why is trade essential for specialisation to work?
Why is trade essential for specialisation to work?
Workers producing one item can't meet all needs
What happens when workers repeatedly perform the same task?
What happens when workers repeatedly perform the same task?
They become more efficient and skilled
Why does barter struggle in modern complex economies?
Why does barter struggle in modern complex economies?
Finding double coincidence becomes difficult