...Wealth of Nations he had demonstrated that an increase of wealth is made possible by division of labor, that the division of labor is limited by the extent of the market, and that extent of the market is extent of demand, he did not then by resolving extended demand...

...multiplicity of copies, as in the printing of books or of calico. It is usually held by economists that the division of labor is limited by the extent of the market, and this is the case wherever the market does not permit the further limit imposed by the physical...

...any others, have made possible the rapid concentration of industry. Adam Smith long ago pointed out that the division of labor is limited by the extent of the market. The advantages of large-scale production depend mainly on the better opportunity it gives for the minute...

...than a single branch of a craft." And, in the "Wealth of Nations," Adam Smith enunciated the principle that the division of labor is "limited by the extent of the market." § 34. A fourth form of association in industry is found in the cooperation of the three factors...

...within large land areas. § 6. As Adam Smith remarked hi 1776, in the earlier stages of the modern era, the division of labor is limited by the extent of the market. The village cobbler will turn out no more shoes than it is possible to dispose of within the economic area...

...differentiate the processes of production, and to specialize abilities. For while, as Adam Smith demonstrated, the division of labor is limited by the extent of the market, the extent of the market, as perhaps Smith did not quite so clearly see, is ultimately determined by the...

...few beautiful and unique things. The State of the Market and Transport. — Adam Smith's principle " that the division of labor is limited by the extent of the market," is illuminating in another respect. The most important influence in determining the extent...

...differentiate the processes of production, and to specialize abilities. For while, as Adam Smith demonstrated, the division of labor is limited by the extent of the market, the extent of the market, as perhaps Smith did not quite so clearly see, is ultimately determined by the...

...necessary to devote much space to this general aspect of the matter. The principle enunciated by Adam Smith that the division of labor is limited by the extent of the market is a sufficient statement. No one will question the fact that China's railway and transportation...

...148-152.) 10. What is meant by the "widening of the market"? (Carver, page 171.) 11. Explain the statement that "the division of labor is limited by the extent of the market." (Smith, chapter iii.) Topics for Investigation and Report 1. In the production of what commodities...