Final answer:
The word “asserted” suggests that even a simple object like a pin can demonstrate something significant, such as the complexities of division of labor and specialization that Adam Smith counts as 18 distinct tasks in pin production.
Step-by-step explanation:
The word “asserted” in the phrase “asserted by a simple pin” carries significant weight in understanding the text. To assert means to state something with confidence and force; therefore, if a pin “asserts” something, it conveys that even something as small and everyday as a pin can have a notable impact or represent a larger concept. This use of the word highlights the importance of the pin in demonstrating the division of labor needed to produce it, as described by Smith. The example implies that a simple pin is the result of a complex production process, involving many tasks performed by different people, ultimately serving as a representation of economic principles in practice.
Adam Smith's illustration of the division of labor through the production of a pin emphasizes how many distinct tasks there are in its creation. These include drawing out a piece of wire, straightening it, cutting, putting a head on one end and a point on the other, and packaging for sale, demonstrating the intricate coordination and specialization that can increase efficiency and productivity. Such specialization in task assignment is foundational to economic theories regarding labor and productivity.