What Is Classical Economics?
48,000 divided by 10 is 4,800 each, at least 240 times more than a single worker alone (Smith, Wealth of Nations).
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1.What did Smith's ten workers make in a day?
48,000 divided by 10 is 4,800 each, at least 240 times more than a single worker alone (Smith, Wealth of Nations).
2.Which is one of Smith's three reasons for division of labour?
The three reasons: practice, no lost time switching between work, and tools or machines for simple repeated jobs.
3.What did Smith write about the baker?
Smith also stressed competition and warned against monopoly (Wealth of Nations, Book I, Chapter 2).
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Sources (5)
- Smith, A.: An Inquiry into the Nature and Causes of the Wealth of Nations, Book I, Ch. 1 "Of the Division of Labor" (Library of Economics and Liberty, Edition Cannan 1904)
- Smith, A.: Wealth of Nations, Book I, Ch. 2 (Library of Economics and Liberty)
- Ricardo, D.: On the Principles of Political Economy and Taxation, Ch. 7 "On Foreign Trade" (Library of Economics and Liberty, 3. Aufl. 1821)
- Classical economics (Wikipedia)
- Eigene Rechnung: synthetisches Werkstattbeispiel (Marge
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