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Specialisation, divsion of labour & exchange

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Aquinas College Economics Department
Aquinas College Economics Department

AQA, Aquinas, Economics, ECON1, Markets, Market Failure

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ECON1 WWW.AQUINASECONOMICSAS.CO.UK @AQUINASECONOMIC Specialisation, Division of Labour & Exchange Answer all the questions below 1. Define the term Division of Labour 2. Explain, with reference to Adam Smith’s work, the principle of Specialisation 3. Outline the benefits of the division of labour 4. Using a real world examples explain how the following industries are specialised a. Education b. Textiles c. Agriculture 5. What is meant by exchange? 6. Why is exchange necessary in a market of specialisation?

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Specialisation, divsion of labour & exchange

  • 1. ECON1 WWW.AQUINASECONOMICSAS.CO.UK @AQUINASECONOMIC Specialisation, Division of Labour & Exchange Answer all the questions below 1. Define the term Division of Labour 2. Explain, with reference to Adam Smith’s work, the principle of Specialisation 3. Outline the benefits of the division of labour 4. Using a real world examples explain how the following industries are specialised a. Education b. Textiles c. Agriculture 5. What is meant by exchange? 6. Why is exchange necessary in a market of specialisation?