ecn 220 wk 1 assignment - PRINCIPLES OF ECONOMICS 1...

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PRINCIPLES OF ECONOMICS 1 Principles of Economics Regina Cleary ECN 220 Instructor Laura Sheneman Independence University
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PRINCIPLES OF ECONOMICS 2 Principles of Economics “Division of labor is an economic concept which states that dividing the production process into different stages enables workers to focus on specific tasks. If workers can concentrate on one small aspect of production, this increases overall efficiency – so long as there is sufficient volume and quantity produced.” (Pettinger, 2013). There are many reasons why the division of labor increases an economy's level of production. For one, workers need less training, because the only have to master instead of multiple tasks. Therefore, workers can concentrate on jobs that best suit their skills. Secondly, workers get through training faster and are more productive. This keeps training cost low on employers and ensures employees are producing results that will help the business profit. A third benefit to division of labor is that there is no time
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