Division of labor involves specialization of tasks leading to increased efficiency and trade.
Division of labor occurs when tasks in an economy are specialized. This leads to individuals focusing on specific roles or tasks, contributing to overall efficiency and productivity.
An example of this concept is an assembly line in a factory where each worker performs a distinct task in the production process to enhance efficiency.
Trade is facilitated as a result of the division of labor, allowing individuals to exchange goods and services produced through specialization.
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