Different workers or group of workers separate the production works and trade into__________processes. What this separation is called?
Correct answer: C. Division of Labor
- A. Divided Labor
- B. Closed shop
- C. Division of Labor
- D. Open shop
Explanation
Division of labor is the separation of production into specialized tasks performed by different workers or groups. A closed shop and an open shop are forms of union-related workplace arrangements, not production specialization.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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