[BCOR 1015] - Final Exam Guide - Ultimate 32 pages long Study Guide!
29 Nov 2016
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I. 1= greatest improvement to labor is the division of labor. I. 3= division of labor is better because it is more efficient to have multiple people specializing in one aspect of a job than to have one person focused on every single aspect of the job. I. 2. 1= the effectiveness of division of labor was not borne out of any societal laws or regulations imposed by society but rather out of human nature because it is logically the smartest option. I. 5. 17= labor is the best way to estimate the value of something. The amount of labor put into something truly determines its value more so than any dollar amount ever could. However, food cannot serve as currency because the quantity of food will fluctuate year to year while money remains constant. Over centuries however, corn is a better estimate. Iv. 2. 9= the annual revenue of society is equal to the exchangeable value of the whole annual produce of its industry.
