Asked by Roberta Velescu on Jul 19, 2024
Verified
Specialization in production was the starting point for:
A) The Wealth of Nations,by Adam Smith.
B) The General Theory,by John Maynard Keynes.
C) Das Kapital,by Karl Marx.
D) Free to Choose,by Milton Friedman.
Specialization
A process in which individuals, organizations, or countries focus on producing a limited range of goods or services, aiming to increase efficiency and expertise.
Production
The method of merging different materials and non-material elements (such as designs and expertise) to create products for use.
The Wealth of Nations
"The Wealth of Nations" is a seminal book by Adam Smith, where he examines the nature and causes of the wealth of nations, laying the foundations of classical economics.
- Highlight the merits of engaging in specialization and trade for individuals, state entities, and countries.
Verified Answer
MC
Michael CastagnaJul 20, 2024
Final Answer :
A
Explanation :
The concept of specialization in production was first introduced by Adam Smith in his book "The Wealth of Nations". Smith argued that by dividing labor and allowing individuals to specialize in certain tasks, productivity and efficiency would increase, leading to overall economic growth.
Learning Objectives
- Highlight the merits of engaging in specialization and trade for individuals, state entities, and countries.