Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Don’t understand
![de zual
Angle Eudo argle
sho con gr
reloien
in the accompanying diagram of triangles BAT and FLU
8 Fand BA FL Which statement is needed to
prove ABAT AFLUT
To make A BAT 25
must
2e egul
LA 2 AABT A FIo
3) LA U
4) BA FL
Name
Date:
Perio
Adam Smith: Wealth of Nations
Below are some of Adam Smith's ideas about how to build a nation's wealth.
Annotate the readings appropriately.
As you read, consider the focus question (FQ): According to Adam Smith, what makes a nation wealthy?
Document 1
An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith (1776)
Book I, Chapter I: Of the Division of Labor
Pre-Reading Prediction: The title of the chapter excerpted below is Of the Division of Labor. What might the
phrase "division of labor" mean?
"To take an example [...] the trade of the pin-maker; a workman not educated to this business [...] nor
acquainted [aware or knowledgeable] with the use of the machinery [...] could [...] make one pin in a day, and
certainly could not make twenty. But in the way in which this business is now carried on, [...] it is divided into
a number of branches [...] One man draws out the wire, another straights it, a third cuts it, a fourth points it, a
fifth grinds it at the top for receiving the head [...] [T]he important business of making a pin is [...] divided into
about eighteen [...] operations [..] Those ten persons, therefore, could make among them upwards of forty-
eight thousand pins in a day. [..] But if they had all wrought separately and independently [...] they certainly
could not each of them have made twenty, perhaps not one pin in a day..."
1. Explain Adam Smith's perspective about the division of labor.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7447810e-eea0-41b1-a058-d7f40b59c44f%2F71a76344-a644-45f6-b4ef-2e7b6cbc755a%2Fagbeyqr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:de zual
Angle Eudo argle
sho con gr
reloien
in the accompanying diagram of triangles BAT and FLU
8 Fand BA FL Which statement is needed to
prove ABAT AFLUT
To make A BAT 25
must
2e egul
LA 2 AABT A FIo
3) LA U
4) BA FL
Name
Date:
Perio
Adam Smith: Wealth of Nations
Below are some of Adam Smith's ideas about how to build a nation's wealth.
Annotate the readings appropriately.
As you read, consider the focus question (FQ): According to Adam Smith, what makes a nation wealthy?
Document 1
An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith (1776)
Book I, Chapter I: Of the Division of Labor
Pre-Reading Prediction: The title of the chapter excerpted below is Of the Division of Labor. What might the
phrase "division of labor" mean?
"To take an example [...] the trade of the pin-maker; a workman not educated to this business [...] nor
acquainted [aware or knowledgeable] with the use of the machinery [...] could [...] make one pin in a day, and
certainly could not make twenty. But in the way in which this business is now carried on, [...] it is divided into
a number of branches [...] One man draws out the wire, another straights it, a third cuts it, a fourth points it, a
fifth grinds it at the top for receiving the head [...] [T]he important business of making a pin is [...] divided into
about eighteen [...] operations [..] Those ten persons, therefore, could make among them upwards of forty-
eight thousand pins in a day. [..] But if they had all wrought separately and independently [...] they certainly
could not each of them have made twenty, perhaps not one pin in a day..."
1. Explain Adam Smith's perspective about the division of labor.
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