Summary

Summary 1.1.5 Specialisation and the Division of labour - Edexcel economics notes

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Module
Nature of economicss

Institution
PEARSON (PEARSON)

Specialisation, Division of Labour, Advantages and disadvantages of division of labour both for the employer and the employee. Characteristics of money Functions of money: Medium of exchange, Measure of value, Store of value, Method of deferred payment Forms of money

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1.1 Nature of Economics Package - Edexcel Economics A

£ 46.34 £ 18.99 6 items

1. Summary - 1.1.1 economics as a social science
2. Summary - 1.1.2 positive and normative economic statements
3. Summary - 1.1.3 the economic problem
4. Summary - 1.1.4 production possibility frontiers
5. Summary - 1.1.5 specialisation and the division of labour - edexcel economics notes
6. Summary - 1.1.6 free market economies, mixed economy and command economy. marx, smith and hayek
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Specialisation:
◦Production of a limited range of goods by an individual, rm or country in co-operation with
others so that together a complete range of goods is produced

Division of Labour:
◦Dividing the workforce into sections in which each worker specialises in a particular task
◦Specialisation of individuals

These steps should help to increase productivity which in turn helps to get rid of the basic economic
problem of scarcity

Advantages:
◦Employee:
‣ Become an expert
◦Employer:
‣ Increase in labour productivity
‣ Increase in ine ciency of resources
‣ Increase in quality of output

Disadvantages:
◦Employee:
‣ Repetition creates monotony
‣ Makes it easier to replace workers with machines
‣ Can lead to blame culture
◦Employer:
‣ Creates interdependence in production
‣ Quality could su er due to an unmotivated workforce

Specialisation:
◦By world specialisation and trade global production possibility increases
◦Countries should specialise in the goods for which they have the lowest opportunity cost to
produce

Characteristics of Money:
◦Durability
◦Portable
◦Divisible
◦Hard to counterfeit
◦Generally accepted by population
◦Valuable

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