Adam Smith's example of the pin factory demonstrates that economies of scale result from specialisation.

Name: Adam Smith's example of the pin factory demonstrates that economies of scale result from specialisation.
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

Adam Smith's example of the pin factory in his book "The Wealth of Nations" illustrates how division of labor and specialization can increase productivity and efficiency, leading to economies of scale.

Adam Smith's Example of the Pin Factory Demonstrates That Economies