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DIVISION OF LABOR: A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks. Efficiency achieved through specialization and the division of labor was popularized by Adam Smith in his classic work, The Wealth of Nations. This division-of-labor notion is one of those concepts that is so fundamental to the economy that its importance is occasionally overlooked in the real world. It is, for example, essential to foreign trade. Without the division of labor the comfortable standard of living currently provided by our exceeding complex economic system would not be possible.
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BEIGE MUNDORTLE
Your compete MICRO*scope for today
You are the type of person who causes a cascade of yawns when you enter a room, which often results in a tidal wave of snoring. Family and friends invite you to parties only when they need to increase the number of warm bodies. Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for strangers with large satchels of used undergarments. You should consider shopping at stores or businesses beginning with the letter L, but do not buy any products with a serial number or product code containing the number 779904. Your preferred shopping venue is discount super centers. Your special symbol is the period (.).
Is this You?
As a Beige Mundortle, you are somewhat dull, somewhat boring, somewhat lusterless. You don't particularly care and you don't really care that you don't care. You know that you have a somewhat drab, lackluster life, and that's just fine with you. You shop when you need to, buy what you have to, and get on with your life. It's just another day, another expenditure. You don't really care to spend a lot of time shopping, but you don't really care to spend a lot of time doing much of anything. Life goes on. So what? Who cares?
This isn't me! What am I?
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MARGINAL PRODUCTIVITY THEORY A theory used to analyze the profit-maximizing quantity of inputs (that is, the services of factor of productions) purchased by a firm in the production of output. Marginal-productivity theory indicates that the demand for a factor of production is based on the marginal product of the factor. In particular, a firm is generally willing to pay a higher price for an input that is more productive and contributes more to output. The demand for an input is thus best termed a derived demand.
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Playing The STOCK MARKETThe hazards of being a pedestrian are many. Of course we have a good chance of crossing paths with a rabid bengal tiger that has highjacked a street cleaner and intends to whitewash every pair of jogging shoes encountered. Or a throng of overzealous religious fanatics might try to slip fresh flowers into our hands and literature into our pockets. And especially when we amble through the financial district, we might be crushed by falling stock market investors who have mistakenly BOUGHT HIGH and SOLD LOW. While the actions of the bengal tiger and overzealous religious fanatics might be understandable, what's so almighty important about the stock market that would make investors place the well-being of innocent pedestrians in jeopardy?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Perhaps the most valuable result of all education is the ability to make yourself do the thing you have to do, when it ought to be done, whether you like it or not; it is the first lesson that ought to be learned; and however early a man's training begins, it is probably the last lesson that he learns thoroughly. " -- Thomas H. Huxley, Scientist
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LCH
Life Cycle Hypothesis
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