What do you mean by division of labour is limited by extent of market
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Adam Smith said that division of labour was limited by the extent of market. If the demand for an article is low, the size of its market will be small. The manufacturer will employ only a small number of workers. ... When there is division of labour, there is specialisation and the manufacture is on a large scale.
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Adam Smith said that division of labour was limited by the extent of market. If the demand for an article is low, the size of its market will be small. The manufacturer will employ only a small number of workers.When there is division of labour, there is specialisation and the manufacture is on a large scale.
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