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Card 30 / 100: Why is trade important for the division of labor?
Answer:
The division of labor only works when people produce more than what they personally will use, and then trade their excess or surplus with others. It does no good to produce ten times as many oranges and steaks, if the farmer has to eat only oranges and the butcher can only eat steak.
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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