1. Professor Taylor is a big fan of describing a modern economy through the \"di
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Question
1. Professor Taylor is a big fan of describing a modern economy through the "division of labor"/ What does Taylor mean by the phrase “division of labor” mean? Explain why the division of labor increase an economy’s level of production and how does this relate to globalization? Answer this question in a long paragraph.
2. Based on the theory in chapter two, how do people make a consumption choice decision? Be sure to illustrate your answer with appropriate graphs.
3. How is the decision about the number of hours of leisure I take related to the amount of goods consumed. Be sure to show the theory behind this and use graphs when appropriate.
4. What factors determine the discount rate on the intertemporal budget constraint?
Explanation / Answer
1.Scientific management - Taylor
Frederick winslow (F.W. Taylor) was an American mechanical engineer who sought to improve industrial efficiency. He also known as " Father of Scientific management". Taylor set out to correct the situation by employing the scientific method to workers on the shop floor. He said that productivity is not he harder work but it is smart work and it can be increases by the putting the right person on the job with correct tools and equipment. Taylor explained there ideas and techniques in his two books (shop amnagement and the principles of scientific management ) and these ideas found favour in differnet countries like USA, japan and Russia in course of time.
Basis of scientific management : based on four principles
Meaning of the division of labour and how it help ful in increasing an economy level of production: Divinding a job into many a specialized parts with a single worker or a few workers assigned to each part. It help to increasing the efficiency of the production he divides labour into an elementary division of labour in which every worker was allocated their own tasks that had to be repeated constantlyand this process bought time saving in work beacuse it is routine of workers which help to increses the productivity and efficiency of an oragnization or nation.
Division of lablour is essential to economic progress or production level because it allows people to specialize in particular tasks. This specialization help to workers in different ways:
How division of labour is related to the term Globalization? means interdependence of nation, groups and individuals around the world economy. The divison of labour creates a pool between the poor and rich countries which represents a seperation of physical from mental labor that is rooted in taylorism.This approach provides a potential for reintegration for physical and mental labor across the globe.
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