Question #220764
Discuss whether labour is the most important factor of production and therefore division
of labour should be applied to its maximum extent
of labour should be applied to its maximum extent
Expert's answer
As division of labor increases productivity, it also means that it's cheaper to produce a good. In turn, this translates to cheaper products. If for example labor is divided between five people who specialise in their task, it becomes quicker and more efficient. In turn, the number of goods produced increases.
