Course
Everyday Economics (15 videos)

A simple example of hamburgers being made at home versus at a restaurant can help explain the division of labor and development of specialized tools that is key to the prosperity seen in the modern world.

A simple example of hamburgers being made at home versus at a restaurant can help illuminate the explosion of prosperity since the Industrial Revolution. The story of the division of labor and development of specialized tools is not a new one — Adam Smith began The Wealth of Nations with this concept. Yet it still has tremendous explanatory power about the world we inhabit.

Download
Options
Translate Practice Questions

Contributed Content (0) and Suggested Materials (3)

Ask a Question

Please register or login to ask a question