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Division of Labor | Definition, Factors Examples - Study. com How does Adam Smith define division of labor? According to Adam Smith, division of labor involves assessing the production process and allocating tasks to individuals to enhance productivity
Rational Choice Theory | Definition, History Application The theory was proposed by economist Adam Smith in 1776 He used the rational choice theory to describe how the free market can actually benefit from people acting in their own self-interest
Video: Comparing the Theories of Adam Smith Karl Marx Explore the contrasting theories of Adam Smith and Karl Marx in this 5-minute video lesson Compare their perspectives on economics and take an an optional quiz for practice!
Diamond-Water Paradox | Definition, Explanation Examples The diamond-water paradox is an early economic problem proposed by Adam Smith Adam Smith was a Scottish philosopher and economist Many people consider him to be the father of modern economics