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The economic system in which highly complex division of labour is present is the feature of
  • a)
    modern societies.
  • b)
    simple societies.
  • c)
    globalization.
  • d)
    rural economy.
Correct answer is option 'A'. Can you explain this answer?
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The economic system in which highly complex division of labour is pres...
Complex division of labour increases with the specialization in different kinds of work in modern societies.
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The economic system in which highly complex division of labour is pres...
The economic system in which highly complex division of labor is present is the feature of modern societies.

In modern societies, the economic system is characterized by a highly complex division of labor. This means that production processes are broken down into numerous specialized tasks, with each task being performed by a different individual or group of individuals. This division of labor allows for increased productivity and efficiency, as individuals can focus on specific tasks that they are skilled at, rather than having to perform all tasks themselves.

Benefits of a complex division of labor in modern societies

1. Increased productivity: The specialization of tasks allows individuals to become highly skilled and efficient in their specific area of expertise. This leads to increased productivity and the ability to produce more goods and services in a shorter amount of time.

2. Efficiency: By breaking down production processes into specialized tasks, modern societies can achieve greater efficiency. Each individual or group can focus on their specific task, minimizing the time and effort required to complete it. This reduces wastage of resources and ensures that production is carried out in the most efficient manner possible.

3. Innovation: A complex division of labor encourages innovation and technological advancements. When individuals specialize in specific tasks, they are more likely to develop new techniques and technologies that improve the overall production process. This leads to continuous improvement and progress in the economy.

4. Interdependence: A complex division of labor fosters interdependence among individuals and groups within society. Each individual relies on others to perform their specialized tasks, creating a network of interconnections and cooperation. This interdependence promotes social cohesion and collaboration.

5. Specialization and expertise: A complex division of labor allows individuals to specialize in areas where they have a comparative advantage. This means they can focus on tasks that they are most skilled at, leading to higher quality outputs and increased efficiency.

6. Economic growth: The highly specialized and efficient production processes enabled by a complex division of labor contribute to economic growth. Increased productivity, efficiency, innovation, and specialization all lead to higher levels of output, contributing to overall economic development.

Conclusion

The economic system in modern societies is characterized by a highly complex division of labor. This system brings numerous benefits, including increased productivity, efficiency, innovation, specialization, interdependence, and economic growth. By dividing tasks into specialized roles, modern societies are able to maximize their productive potential and achieve higher levels of prosperity.
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Read the passage given below and answer the questions that follows:While everything may not be known about the economic facets of globalisation, this particular dimension shapes a large part of the content and direction of contemporary debates surrounding globalisation. A part of the problem has to do with defining economic globalisation itself. The mention of economic globalisation draws our attention immediately to the role of international institutions like the IMF and the WTO and the role they play in determining economic policies across the world. Yet, globalisation must not be viewed in such narrow terms. Economic globalisation involves many actors other than these international institutions. A much broader way of understanding of economic globalisation requires us to look at the distribution of economic gains, i.e. who gets the most from globalisation and who gets less, indeed who loses from it. What is often called economic globalisation usually involves greater economic flows among different countries of the world. Some of this is voluntary and some forced by international institutions and powerful countries. As we saw in the examples at the beginning of this chapter, this flow or exchange can take various forms: commodities, capital, people and ideas. Globalisation has involved greater trade in commodities across the globe; the restrictions imposed by different countries on allowing the imports of other countries have been reduced. Similarly, the restrictions on movement of capital across countries have also been reduced. In operational terms, it means that investors in the rich countries can invest their money in countries other than their own, including developing countries, where they might get better returns.Q. Where does economic globalisation draw our attention to?

Read the passage given below and answer the questions that follows:The most visible impacts of globalization are definitely the ones affecting the economic world. Globalization has led to a sharp increase in trade and economic exchanges, but also to a multiplication of financial exchanges.In the 1970s world economies opened up and the development of free trade policies accelerated the globalization phenomenon. Between 1950 and 2010, world exports increased 33-fold. This significantly contributed to increasing the interactions between different regions of the world.This acceleration of economic exchanges has led to strong global economic growth. It fostered as well a rapid global industrial development that allowed the rapid development of many of the technologies and commodities we have available nowadays.Knowledge became easily shared and international cooperation among the brightest minds speeded things up. According to some analysts, globalization has also contributed to improving global economic conditions, creating much economic wealth.At the same time, finance also became globalized. From the 1980s, driven by neo- liberal policies, the world of finance gradually opened. Many states, particularly the US under Ronald Reagan and the UK under Margaret Thatcher introduced the famous “3D Policy”: Disintermediation, Decommissioning, and Deregulation.Q. In between which years the world’s export has increased 33-fold?

Read the passage given below and answer the questions that follows:The most visible impacts of globalization are definitely the ones affecting the economic world. Globalization has led to a sharp increase in trade and economic exchanges, but also to a multiplication of financial exchanges.In the 1970s world economies opened up and the development of free trade policies accelerated the globalization phenomenon. Between 1950 and 2010, world exports increased 33-fold. This significantly contributed to increasing the interactions between different regions of the world.This acceleration of economic exchanges has led to strong global economic growth. It fostered as well a rapid global industrial development that allowed the rapid development of many of the technologies and commodities we have available nowadays.Knowledge became easily shared and international cooperation among the brightest minds speeded things up. According to some analysts, globalization has also contributed to improving global economic conditions, creating much economic wealth.At the same time, finance also became globalized. From the 1980s, driven by neo- liberal policies, the world of finance gradually opened. Many states, particularly the US under Ronald Reagan and the UK under Margaret Thatcher introduced the famous “3D Policy”: Disintermediation, Decommissioning, and Deregulation.Q. After the 1980s, which policy was introduced by US and UK?

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The economic system in which highly complex division of labour is present is the feature ofa)modern societies.b)simple societies.c)globalization.d)rural economy.Correct answer is option 'A'. Can you explain this answer?
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