Division of labor
It a process whereby people specialize in areas of production in which they are best fitted to work. A British economist of the 17th century Adam Smith is accredited to have developed the modern model of division of labor. He proposed that division of labor has caused greater increase in production than any other factor. (Smith, 1776).This differences are experienced in greater size in more developed nations with more industry and improved technology and they are the major causes of universal opulence in these countries. For example industry is more amenable to division of labor than agriculture causing poor ...