commerce3

The size of market. The existence of technological know-how. Effective nature of monetary system. The availability of labour and the nature of goods produced.

Here are Disadvantages of Division of labour: It makes work monotonous, and boredom. It declines craftsmanship and skills. It encourages greater risk of unemployment. It also promotes immobility of labour. It makes man become a tender to machines.

Here are the Advantages of Division of Labour:       Division of labour encourages specialization       It increases productivity.       It saves time and reduces fatigue       It increases the skills of workers.       It creates employment opportunities.       It Increases leisure time.   …

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By division of labour, we mean the splitting/breaking down of production process into different stages so that different individuals handle each stage. Specialization on the other hand is the concentration on one job or on a line of production. Note: Division of labour gives rise to specialization.    

This is the resources or inputs used for producing goods and services for the satisfaction of consumers’ wants. The factors are: Land is a free gift of nature. Features. of land: (a) Land is fixed; it is not easily increased nor decreased in Supply. (b) Land s a gift of nature; it is not artificially …

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The types of production are listed below: Primary Production This type of production deals with how raw materials are extracted from the earth and seas. E.g. farming, fishing and mining. Secondary production This involves transformation of the extracted raw material into finished goods. Tertiary production For production to be complete, the process must as a …

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