Ask AI: Explain the economic concept of division of labor in your own words and give a real-world example

Division of labor is an economic concept that involves the breaking down of a large task, which requires many steps and skills, into smaller, more manageable tasks. This allows more workers to be more efficient and produce more goods or services in less time. An example of this would be a manufacturing plant that produces car parts. The workers in the plant are divided into teams that specialize in tasks such as welding or assembly. This allows each team to focus on the tasks they are trained to do, making the production process more efficient.