The allocation of labour such that each worker specializes in one or a few functions in the production process is known as:

Related MCQs

• A market that is dominated by a few large suppliers is known as:
• The measure of a worker's real wage is
• In economic theory, a tangible good or service resulting from the process of production is known as
• When average cost production (AC) falls, marginal cost of production must be -
• The fixed cost on such factors of production which are neither hired nor bought by the firm is called -
• Variable costs are those that vary directly with the rate of output e.g., labour costs, fuel and power etc., These are also known as:
• A market in which there are a few number of large firms is called as
• When too much money is chasing too few goods, the situation is -
• When too much money is chasing too few goods, the situation is -
• The scenario that western countries face a crisis in the next few decades caused by the aging of their populations is termed as: