Questions: In the first chapter of The Wealth of Nations, Smith introduces the idea of the division of labor, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.

In the first chapter of The Wealth of Nations, Smith introduces the idea of the division of labor, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.

Transcript text: In the first chapter of The Wealth of Nations, Smith introduces the idea of the division of labor, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.

Solution

Answer

The answer is 1) division of labor

Explanation

Option 1: Division of labor

Adam Smith introduces the concept of the "division of labor" in the first chapter of "The Wealth of Nations." This idea refers to the way in which the production process is broken down into a series of specific tasks, each performed by different workers. This specialization allows for increased efficiency and productivity.

Option 2: Interconnected economy

While an interconnected economy is a relevant concept in economics, it is not the specific idea introduced by Smith in the first chapter of his book.

Option 3: Task economy

The term "task economy" is not a recognized concept in the context of Adam Smith's work or classical economics.

Option 4: Modern economy

The term "modern economy" refers to the contemporary economic system but does not specifically address the concept introduced by Smith in the first chapter of "The Wealth of Nations."

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