The economic benefits of Division of labour was first proposed by:
Adam Smith
The question asks about the individual who first proposed the economic benefits associated with the Division of Labour. This concept is fundamental in the study of economics.
The Division of Labour refers to the specialization of workers in different parts of the production process. Instead of one person completing every single step to create a product, different people focus on specific tasks or stages.
Proponents argue that dividing labour leads to several economic advantages:
Let's look at the options provided:
Adam Smith famously discussed the Division of Labour in detail in his groundbreaking book, "The Wealth of Nations" (1776). He used the example of a pin factory to illustrate how dividing the process of pin-making into various simple tasks performed by different workers could dramatically increase productivity compared to a single worker performing all tasks. He clearly articulated the economic benefits like increased dexterity, saving time, and potential for technological innovation stemming from this specialization.
Therefore, Adam Smith is credited with being the first to extensively analyze and propose the economic benefits of the Division of Labour.
An interface between the functional application and the data is
The following statements relate to project network. Choose the correct code for the statements being correct or incorrect.
Statement I: An activity cannot be represented by more than one arrow, but an arrow can represent one or more activities.
Statement II : The activities in a critical path can be preponed or postponed.
A public limited company has 9,00,000 shares outstanding at current market price of Rs. 130 per share. The company needs Rs. 2.25 crores to finance its proposed new project. The board of the company has decided to issue rights shares to raise the required money at Rs. 75 per share (as subscription price) to ensure that the rights issue is fully subscribed. How many rights are required to purchase a new share ?
What are the characteristics of job shop production ?
A. Different product types are produced
B. Very large quantities are produced
C. Single type of product is produced
D. Low quantities of product are produced
Match List I with List II
LIST I (Project Network concepts) | LIST II (Underlying meaning) | ||
| A. | Crashing an activity | I. | Length of the longest path through the project network |
| B. | Project Network | II. | It shows the time and cost when the activity is fully crashed |
| C. | Critical path | III. | It consists of a number of nodes and a number of arcs that connects two different nodes |
| D. | Crash point | IV. | Taking special (costly) measures to reduce the duration of an activity below its normal value |
Choose the correct answer from the options given below: