In modern society what do we mean when we refer to the division of labor

Narrow specialization of tasks within a production process so that each worker can become a specialist in doing one thing, especially on an assembly line. In traditional industries (see sunset industries), division of labor is a major motive force for economic-growth. However, in the era of mass customization (which requires multiple skills and very short machine change-over time), division of labor has become much more flexible. Also called specialization of labor.

Read more: http://www.businessdictionary.com/definition/division-of-labor.html

Where people were very broke no jobs were available and everyone was struggling

Yes, some people used the depression to the max. not everybody had stocks, and those that didn't bought many things inexpensive, so that when prices rose again, they were much more richer than beforehope this