--%>

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 : What are patent rights Patent rights :

    Patent rights: It is a unique license or right granted to a company or an Individual to make a specific product or utilize a specific technology.

  • Q : Circular flow model of the private

    I have a problem in economics on Circular flow model of the private sector. Please help me in the following question. The simple circular flow model of private sector doesn’t comprise: (i) Firms. (ii) Product markets. (iii) Government agencies.

  • Q : How might government correct this

    What divergences arise between equilibrium and an efficient output spillover benefits are present?  How might government correct this divergence?

  • Q : Demand forecasting consumer's interview

    consumer's interview method for demand forecasting(point to point explain)

  • Q : Define explicit cost and implicit cost

    Briefly describe the term explicit cost and implicit cost?

  • Q : Summary of what can cause an increase

    Illustrate a summary of what can cause an increase in demand?

  • Q : Explain producers in an industry

    Explain producers in an industry are receiving pure or economic profits?

  • Q : Market Apparent program For the

    For the question below, utilize the given information. The market for gizmos is competitive, with an increasing sloping supply curve and a downward sloping demand curve. With no govt. intervention, the equilibrium price is $25 and the equilibrium quantity is 10,000 gi

  • Q : Price competition My friend can't

    My friend can't succeed to get the answer of this question. Give me solution of this question. From a heterodox perspective, why does destructive price competition drive enterprises to set up market institutions which would abolish price competition?

  • Q : Economic efficiency enhancement as

    Transaction costs are decreased and economic efficiency is enhanced by: (1) long-term wage and price controls. (2) monopolies which cooperate with central planners. (3) blacklists and yellow dog contracts. (4) bureaucratic tendencies