|
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.
Visit the GLOSS*arama
|
|

|
|
EXPANSIONARY MONETARY POLICY A form of monetary policy in which an increase in the money supply and a reduction in interest rates are used to correct the problems of a business-cycle contraction. In theory, expansionary monetary policy can include buying U.S. Treasury securities through open market operations, a decrease in the discount rate, and a decrease in reserve requirements. In theory, open market operations are the primary tool of expansionary monetary policy. Expansionary monetary policy is often supported by expansionary fiscal policy. An alternative is contractionary monetary policy.
Complete Entry | Visit the WEB*pedia |


|
|
BROWN PRAGMATOX [What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for florescent light bulbs that hum folk songs from the sixties. Your Complete Scope
This isn't me! What am I?
|
|
John Maynard Keynes was born the same year Karl Marx died.
|
|
"Live in such a way that you would not be ashamed to sell your parrot to the town gossip." -- Will Rogers
|
|
WACM Weak Axiom of Cost Minimization
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|