28 Oct 2021
Problem 15
Page 294
Section: REVIEW QUESTIONS
Chapter 12: Environmental Protection and Negative Externalities
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28 Oct 2021
Introduction
Specialization or division of labor is one of the most critical aspects of economy. It is basically a division of tasks within the production process. Due to this concept, each worker becomes a specialist in doing one thing. In traditional industries, it can be considered as a major motive force behind economic-growth. It is not only advantageous at different levels of production but also helps people having different skills, talents, and interests to develop in their particular domain.
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