Specialization and Division of Labor
Go to www.Ted.com (Links to an external site.) and search for Thomas Thwaites’s talk, “How I Built a Toaster—from Scratch.” How much money and time do you think Thwaites spent building his toaster? How long do you think it would have taken Thwaites to earn enough money in, say, a minimum wage job to buy a toaster? Comment on the division of labor and the importance of specialization in increasing productivity.