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1.1 Nature of economics

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Question 44

In 1769, Josiah Wedgwood opened the Etruria works in Staffordshire, pioneering a highly structured system where workers specialised in specific tasks like throwing, turning, or painting pottery, rather than making a whole vessel from start to finish. This early industrial system demonstrated the immense productivity gains from organising labor in this way.

Which of the following economists is most famously associated with demonstrating the benefits of specialisation and the division of labour?

A

Friedrich Hayek

B

Karl Marx

C

John Maynard Keynes

D

Adam Smith

Markscheme

1.1 Nature of economics Questions

  1. A Level
  2. /Economics
  3. /1.1 Nature of economics

85 exam-style questions on Edexcel A A Level Economics 1.1 Nature of economics, covering 1.1.1 Economics as a social science, 1.1.2 Positive and normative economic statements, 1.1.3 The economic problem, 1.1.4 Production possibility frontiers, 1.1.5 Specialisation and the division of labour, and 1.1.6 Free market economies, mixed economy and command economy. Each one has a worked solution and a mark scheme showing where the marks go.

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