Personal Life
What was Adam Smith known for?
Father of economics
When did Smith start lecturing at the University of Edinburgh?
1748
What book outlines modern economic theory written by Adam Smith?
Wealth of Nations
What university did Adam Smith went too and at what age?
Glasgow University at the age of 14
How Smith developed his passion to speak confidently and freely?
studied moral philosophy, from this position Smith developed the passion for liberty, reason, and free speech.
Why and when Smith started to become popular at Glasgow University?
Due to his book Theory of Moral Sentiments in 1759
Who was David Hume? When did the enter Smith’s life?
In 1750 David Hume was a philosopher
Smith’s famous analogy of the invisible hand refers to what economic philosophy?
Free trade
What intellectual movement strongly influenced Adam Smith?
Invisible Hand
Which economic system did Adam Smith believe that best fits universal law?
Laissez-faire
What does Smith’s famous analogy of the invisible say?
The wealthy pursue there own economic internets without any limation
What does the term “Absolute Advantage” means? Does it still exist?
certain countries are able to produce a good more efficiently than other countries, so they have an advantage. Yes it does still exist
What does Smith’s book “Wealth of Nation” refers to?
Smith is most often remembered for his book entitled The Wealth of Nations, outlined several aspects of modern economic theory and included a philosophical lesson on humanity.
What did Smith meant by “power of attraction increases with size and dissipates with distance”?
countries would benefit from shipping products to a bordering country rather than shipping products to a country overseas.
What is the Assembly Line Production method? Give an example
Division of labour resulting in individuals specializing in certain tasks produces more prosperity as goods can be made faster. Example: production of automobiles every part comes from different areas.
What does the term “economic liberalism” refer to, what were the consequences of this theory?
a system that showed the economic growth of any country through a free market without state intervention. The results of the theory were that the country was only successful exporting more than importing this effected in enslavement, and imbalanced structure of trade, a period of inflation etc.