The "Division of Labor" refers to the practice of breaking down a job into smaller tasks, allowing different individuals to specialize in specific areas. This approach increases efficiency and productivity, as each worker can focus on what they do best. For example, in a factory, one person might assemble parts while another handles quality control. This concept is often associated with the work of Adam Smith, who highlighted its benefits in his book, "The Wealth of Nations." By dividing tasks, businesses can produce goods more quickly and at a lower cost, ultimately benefiting consumers and the economy.