Economics and the Division of Labour Shabanu Popatiya ECON 330 Professor Paul Notley Tuesday, January 12, 2016 Economics and the Division of Labour Quoting Michael Yates, The subject matter of economics is the production and distribution of output (Yates, 2003, p. 13). This says that economics is a way of explaining the world. The study of economics attempts to understand and to explain how and why the wealth of the world is produced, distributed, and consumed. It examines everything from global and local markets, class structures and wealth distribution, the role of the government and politicians, supply and demand of products and services, the division of labour, and countless other factors that affect how and why the productions systems of the world economy...