An Economic Way of Thinking About Business

Prior to beginning work on this assignment, read Leonard E. Read's article, I, Pencil(Links to an external site.), and respond to the following components:

• Explain the author's intention in describing the production of a pencil in his article. Is it even possible for people to learn enough to produce pencils totally from scratch?
• Analyze the benefits of people specializing their efforts.
• Evaluate decision making issues in the production process of a pencil and other items.