00:01
So this question, again, has, is a multi -parted.
00:04
So we are going to start out with the first part, which i'm going to label a.
00:09
So capital in the production process, so you, let's say you are making, i don't know, a car.
00:18
You could make the car by hand, like welding the metals and making the rubber for the tires and putting all the parts together by hand.
00:27
But capital, which are basically tools and resources, allow you to make these goods in a more efficient process.
00:36
So in a more efficient way, which makes the production process more efficient.
00:42
So using capital, although it might not be as linear in terms of the production process, makes it more efficient and can minimize the time and the cost of production.
00:56
Okay, part b now is asking division of labor.
01:02
So that basically means that there is going to be some people in an organization doing one task and some people doing other tasks.
01:14
So division of labor basically says not everybody does the same thing.
01:20
And some people have specialization where they work on one task...