What is division of Labour?
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Division of labor is a concept in economics and sociology that refers to the specialization of tasks and roles within a society, organization, or economic system. It involves breaking down the production process into separate tasks or functions, with each person or group specializing in performing one particular aspect of the overall process.
This specialization allows individuals, organizations, and societies to become more efficient and productive because people can focus on what they do best and become highly skilled in their specific tasks. It also promotes interdependence, as each individual or group relies on others to perform complementary tasks.
The division of labor is a fundamental principle of modern economies and is closely associated with the concept of industrialization and the development of complex societies. It was famously discussed by the economist Adam Smith in his seminal work "The Wealth of Nations," where he argued that the division of labor leads to increased productivity and economic growth.