Specialisation & Division of Labour 0.0 / 5 ? EconomicsMarket failureA2/A-levelEdexcel Created by: Max OscarCreated on: 14-02-22 16:00 Division of labour Occurs when the work is split up into small, specialised tasks 1 of 7 Free Market economy Economy in which prices are determined by supply and demand with NO government intervention Think of Capitalism 2 of 7 Mixed economy Combination of a free market economy and a command economy 3 of 7 Command economy Resources are allocated by the state (e.g. North Korea) Think of communism 4 of 7 Adam Smith Founder of Capitalism (Free Market economy) 5 of 7 Friedrich Hayek Mixed economy 6 of 7 Karl Marx Founder of Communism (Command economy) 7 of 7
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