ADVANTAGES OF DIVISION OF LABOUR/SPECIALIZATION 1) INCREASE EFFICIENCY-A person who performs the same job everyday becomes more efficient in his operations. 2) TIME SAVING-No time is wasted by moving from one task to another. 3) MECHANIZED PRODUCTION-Makes it possible the greater use of machinery. Complex process can be broken down into simple operations each conducted … Read more
UNDERSTAND DIVISON OF LABOR IN LABOR MARKET Division of labour involves dividing a job into smaller jobs each of which will be performed by different person/persons. Each individual or each group of individuals performs a small part necessary to complete total job. Division of labor can be seen when different people opt different occupations e.g. … Read more
PRINCIPAL ECONOMIC ACTIVITTIES DEFINED PRODUCTION is the making of goods and services. EXCHANGE is the sale and purchase of goods and services DISTRIBUTION is the channeling of goods and services from their point of production to the final consumers usually through wholesalers and retailers OR Is the bringing of goods and services to the notice … Read more