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Contribution of adam smith to economics
Adam Smith is known as the father of modern free trade. He was a proponent of laissez-faire economic policies and argued against Mercantilism. As an aside, Smith pointed how slavery was a poor economuc investment.
What does Adam Smith use to describe an item sold for exactly the amount of money it cost to produce it
Natural price is the term Adam Smith used to describe an item sold for exactly the amount of money it cost to produce it.
Which statement best describes the relationship between the Industrial Revolution and mass production in Great Britain
Technology developed during the Industrial Revolution allowed for the mass production of goods such as textiles.
How did Adam Smith believe individuals would help their home countries' economies without regulation
He believed they would prefer domestic industry to foreign industry.
How did Utopian socialists and communist differ in their opinions about the future European societies
Answer this question… Utopian socialists believed that a classless society could be created peacefully, while communists believed that it could only occur through a violent revolution.
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