--%>

Roundabout production

Describe the merits of “roundabout” production?  Describe the term “division of labor”?

E

Expert

Verified

“Roundabout production” means using capital goods in the production process. To operate more efficiently and to produce more output this enables producers.

“Division of labor” describes that employees achieve those tasks which are best suited to their personal skills as well as abilities.

   Related Questions in Business Economics

  • Q : Construct a 2-D graph which comprises

    How to construct a 2-D graph which comprises drawing a horizontal and a vertical axis?

  • Q : Illustrate Rational Behaviour of

    Illustrate Rational Behaviour of Economic Perspective?

  • Q : David Hume statement regarding money in

    In modern parlance, David Hume statement regarding money which is Tis none of the wheels of trade. And tis the oil, was referring to the notion that money: (i) is relatively costly to produce. (ii) facilitates divisions of labor and specialization and

  • Q : Determine equilibrium prices market

    The new supply and demand curves within University City were S0 and D0, before the county commission imposed a $3 per six-pack excise tax upon beer. The new equilibrium quantities of six-packs sold per month and equilibrium prices, respectively,

  • Q : High-convexity portfolios outperform

    a) Whether the bond market moves up or down, high-convexity portfolios will for all time outperform low-convexity portfolios of equal duration and yield." Elucidate the argument supporting this statement and the connection to the classical immunization strategy. What

  • Q : Business Economics Hello, I would like

    Hello, I would like help with my assignment.

  • Q : Production possibilities curve is a

    How a production possibilities curve is a graphical representation of choices?

  • Q : How is productivity of labor based

    In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates.

    Q : Main advantage of EVA The main

    The main advantage of using EVA is that it is simple to calculate and understand. It uses simple measures like operating profits and cost of capital terms which are widely known and accepted in the financial arena. It helps the managers to assess thei

  • Q : Checkout problem A grocery store chain

    A grocery store chain is considering ways to improve the performance of the waiting lines at their checkout stands. A heavily trafficked checkout stand is monitored for 120 min. In that period, 60 customers have their groceries rung up, and depart from the store. The