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2. Synthesis: Based on build wealth for nations ocument 2 In Inquiry into the No Book I, Chapter II: Of = Book IV, Chapter 2: Of But man has almost con heir benevolence [kindr nd it is in this manner t tand in need of. It is nc dinner, but from their reg capital in the support of i an end which

2. Synthesis: Based on build wealth for nations ocument 2 In Inquiry into the No Book I, Chapter II: Of = Book IV, Chapter 2: Of But man has almost con heir benevolence [kindr nd it is in this manner t tand in need of. It is nc dinner, but from their reg capital in the support of i an end which

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
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2. Synthesis: Based on Adam Smith's idea of division of labor, explain how the division of labor helps to build wealth for nations? ocument 2 An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith (1776). Book I, Chapter II: Of the Principle which gives Occasion to the Division of Labor Book IV, Chapter 2: Of Systems of Political Economy: Of Restraints upon the Importation But man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it fror cheir benevolence [kindness] only. [...] Give me that which I want, and you shall have this which you want [..- and it is in this manner that we obtain from one another the far greater part of those good offices which w stand in need of. It is not from the benevolence of the butcher, the brewer, or the baker that we expect ou dinner, but from their regard to their own interest. [...] But it is only for the sake of profit that any man [Use- promo capital in the support of industry; […..] [H]e is in this, as in many other cases, led by an invisible hand to an end which was no part of his intention.[...] By pursuing his own interest, he frequently promotes that of tu
Transcribed Image Text:2. Synthesis: Based on Adam Smith's idea of division of labor, explain how the division of labor helps to build wealth for nations? ocument 2 An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith (1776). Book I, Chapter II: Of the Principle which gives Occasion to the Division of Labor Book IV, Chapter 2: Of Systems of Political Economy: Of Restraints upon the Importation But man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it fror cheir benevolence [kindness] only. [...] Give me that which I want, and you shall have this which you want [..- and it is in this manner that we obtain from one another the far greater part of those good offices which w stand in need of. It is not from the benevolence of the butcher, the brewer, or the baker that we expect ou dinner, but from their regard to their own interest. [...] But it is only for the sake of profit that any man [Use- promo capital in the support of industry; […..] [H]e is in this, as in many other cases, led by an invisible hand to an end which was no part of his intention.[...] By pursuing his own interest, he frequently promotes that of tu
Name: Amon Medina Date: 12/6/2l Period 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 Divișion 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 ..."
Transcribed Image Text:Name: Amon Medina Date: 12/6/2l Period 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 Divișion 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 ..."
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