economics: section 7.3

division of labor 

the dividing of work into individualized tasks

• factor

• mass production

what are the best examples of mass production?

pin-making

example used by adam smith in wealth of nations

adam smith

fill in the blank

pin-making is an example used by _____ _______ in Wealth of Nations; one person could barely make 1 lb. of pins per day; 18 workers made more than 40,000 pins

1. goods 

2. inventions 

3. tools 

4. resources 

5. variety 

6. specialities 

fill in the blank 

list the advantages of division of labor: 

1. More ______ produced 

2. More ________ encouraged 

3. Fewer ____ needed 

4. Better use of _________

5. Greater _______ of goods (including services) 

6. Development of _________

1. boredom

2. standardized

3. technological

4. small industries

5. skilled craftsmen

6. hostility

7. small economies

fill in the blank

list the disadvantages of division of labor.

1. _______ of workers 

2. ___________ goods 

3. ___________ unemployment

4. Decline of ______ _________

5. Decline of ______ _________ 

6. ________ between workers and producers 

7. Damage to _______ _________