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Econ 1020 Essay

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Below is an essay on "Econ 1020" from Anti Essays, your source for research papers, essays, and term paper examples.

Wang 1
Yuxiang Wang
Instructor Robert Urquhart
Econ 1020
May 30, 2013
                          Essay #2: Question 1
      According to Adam Smith, Production determines the wealth of the nation, and the conditions for increasing the wealth of the nation. Therefore, the way to increase the nation’s wealth is to improve the nation’s productivity of labour. Increasing productivity means for the same number of people to work for the same amount of time, and thus producing more value. At the same time, division of labour can increase the productivity of the nation. So, division of labour also increases the wealth of the nation. According to Adam Smith, the division of labour increases the quantity of work and makes people become more efficient. In the division of labour, there are three factors that increase the productivity of the nation.

      First, the division of labour increases the dexterity of every particular workman. Each worker will only focus on the same simple operation instead of doing more complex types of works, and this specific skill or task will becomes the sole employment of a worker’s life by doing that division of labour. That makes workers become more efficient. Therefore, the dexterity of each worker will rise greatly. For example, take a worker who is very skillful in wrapping dumplings, but he never rolls dumpling skins. If we make him only to wrap dumplings, he will have a high

                                                              Wang 2

production efficiency at wrapping. But if we make him to do both, his efficiency will decrease. Now take another worker who is good at making baskets, but this is not his primary job. However, he can hardly make more baskets than the other basket makers who only make baskets. This is because he has other tasks to complete, therefore he cannot maximize the utilization of this skill of making baskets. So, through dividing a complex operation into several simple ones, the dexterity of...

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