Econ Final Portfolio Q's

Econ Final Portfolio Q's - Portfolio Question 1(A What does...

Info icon This preview shows pages 1–3. Sign up to view the full content.

Portfolio Question 1 (A) What does Smith mean by the division of labor? A. By division of labor I believe that Smith meant that people are more productive when they divide up work and do something that they personally like to do. (B) Smith describes philosophers as “men of speculation, whose trade it is not to do anything.” How has the division of labor made possible the professions of the philosopher, the athlete, the entertainer (and others)? B. I believe the division of labor has made the job market larger by providing more jobs for people. In addition to this, now that people no longer have to ensure survival for their families, they can focus on the tasks that make money rather than basic tasks that were essential. One example comes from the raising of crops in order to provide food for your family. Food can now be grown by one farmer who specializes in doing so and then distributed to stores and consumers on a broader basis. By the same regard, people across the world can attend athletic events and watch individuals who specialize in performing as an athlete; this in turn provides the consumer of this event with a more competitive environment because today’s athletes can focus on perfecting their sport. Each person in the labor force is able to enjoy other’s work because now they specialize in one task and provide for the mass through it. The athlete can enjoy products from a farmer and visa versa. (C) Smith argues that the division of labor is “limited by the extent of the market.” Explain this phrase and identify its connections to geography and transportation. What modern developments either support or challenge Smith’s view. C. Smith argued that in the past the size of the market is what limited the entire market. At the time, his statement held to be very much true because of the restrictions on transportation and the moving of goods from one place to another. Another severe issue that Smith included by saying this was the fact that with a lack of communication and information from other communities and regions, there was little known about what product was specialized from that specific area. Ordering goods across the map was impossible without being in that area you. Now with the movement of goods on land, in the air, over water, we are able to utilize commodities like the Internet and purchase goods from greater distances and know exactly what we receive in exchange for our money. (D) What, according to Smith, is the connection between the division of labor and the use of money? D. According to Smith, the connection between the division of labor and the use of money is how unlike goods were and how they continue to be traded.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Portfolio Question 2 (A) Evaluate the new parking meters in San Francisco using efficiency as the criterion. That is, are the new parking meters improving the efficiency of the allocation of parking spots? Explain your reasoning.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern