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Explain the contribution of enterprise and division of labor in an economy?

Sunday, July 22, 2012

Enterprise is a group of people who carry out the production process and bear the risk. Division of labor is the process of breaking down the production process.

Enterprise is those who fulfill our unlimited demands from limited resources. They create employment opportunities which increase the income of the people. They compile land, labor and capital which fulfill the demands of consumers, producers and government.
Division of labor contributes to the superior quality of the product. The price of the product decreases as quantity of output increases. The right person is in right place as every worker is qualified in his/her work. This also leads to new innovation and invention.

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