--%>

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 : Principle of comparative advantage When

    When Gene can make three pairs of cowboy boots per week or one saddle whereas Roy can make either two pairs of boots or two saddles, Gene will form boots whereas Roy makes saddles according to the: (i) Law of Occam’s Razor. (ii) Principle of comparative advantag

  • Q : Why does the supply curve slope upward

    Explain the law of supply. Why does the supply curve slope upward?

  • Q : Strategic behaviour of decisionmaker If

    If one decisionmaker in interdependent circumstances calibrates its decisions to the anticipated reactions of the other party, in that case the decisionmaker is engaged within: (1) psychological forecasting. (2) profit maximization. (3) collusion. (4) strategic behavi

  • Q : When productive resources are utilized

    While productive resources are utilized efficiently: (w) prices greatly exceed production costs for current outputs. (x) opportunity costs are at their minimums for all goods. (y) domestic production exceeds the value of foreign output. (z) the value

  • Q : Illustrations of opportunity costs

    Illustrations of opportunity costs which you might or will have incurred would comprise: (i) severe injuries suffered within an accident since you failed to buckle up. (ii) the income you could earn when you were not in school. (iii) time spent studyi

  • Q : Major type of expenditure at the state

    What is the most important source of revenue and the major type of expenditure at the state level?  

  • Q : Advantages rising from division of

    Adam Smith known three advantages rising from divisions of labor which would lead to greater economic wealth that did not include the concept that the division of labor: (w) helps every worker refine specialized skill

  • Q : Resources of private Capitalism I have

    I have a problem in economics on Resources of private Capitalism. Please help me in the following question. The Private individuals own most resources and find out how they will be employed in an economic system of: (1) Socialism. (2) Capitalism. (3)

  • Q : Prices are the automatic regulator

    “Prices are the automatic regulator that tends to keep production and consumption in line with each other.”  Explain.

  • Q : Market system is a profit-and-loss

    Evaluate and explain the statements: “The market system is a profit-and-loss economy”