Answer four questions only from this section. Questions 1, 2, 3, 4 and 5 are compulsory.

Here's the answer to question 3:

a) Division of Labour is the separation of tasks in any economic system or organization so that participants may specialize. Individuals or groups perform specific, limited tasks within a larger production process.

b) Five advantages of specialization are:

• Increased efficiency and productivity: Workers become highly skilled and faster at their specific tasks, leading to higher output.
• Time-saving: Less time is wasted moving between different tasks or changing tools, as workers focus on one specific job.
• Reduced training costs: Workers only need to be trained for a specific task, making training quicker and less expensive.
• Innovation and invention: Specialization can lead to the development of new tools, machinery, and methods tailored to specific tasks, fostering technological advancement.
• Better quality products: Workers who repeatedly perform the same task tend to achieve a higher level of precision and quality in their output.