Improved standard of living result in more people and further increases in output accompanied by simple mechanization which culminates in a breakthrough when the potential of the division of labouris enhanced through task specialization. Task specialization leads to the development of teams of workers and to more sophisticated and efficient mechanical devices. A major feature of our own industrial revolution is that production becomes increasingly concentrated in areas of natural advantage, that larger production units develop and that specialization increases as the potential for economies of scale and efficiency are exploited.
Enyinnaya Nnamdi
Sloane International Investments Ltd
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