Adam Smith used a pin factory to demonstrate

Name: Adam Smith used a pin factory to demonstrate
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Adam Smith used the example of a pin factory to demonstrate the advantages of economies of scale. He showed how dividing the tasks of pin-making among specialized workers could increase productivity and reduce costs. This concept is the basis of the modern theory of economies of scale, which states that as a firm increases its output, it can lower its average cost of production.

Adam Smith Used a Pin Factory to Demonstrate