Adam Smith, the father of modern economics, introduced groundbreaking concepts like the 'invisible hand', free trade, and the division of labor. His work, particularly 'The Wealth of Nations', challenges mercantilism and advocates for free markets, which he believed would lead to prosperity and growth. Smith's analysis of consumerism and the role of government in economics has shaped capitalist economies and continues to influence economic theory today.
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1
______, known as the father of modern economics, was born in the year ______.
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2
Self-interest role in Smith's theory
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3
Market self-regulation according to Smith
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4
Smith's stance on government intervention
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5
Smith believed that a nation's true wealth was derived from its capacity to ______, rather than just hoarding ______.
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6
Impact of task specialization on worker skill and efficiency
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7
Effect of division of labor on production costs
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8
Role of specialization and machinery in the Industrial Revolution
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9
______ is commonly linked with the economic principle of ______, promoting minimal ______ intervention.
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10
Smith believed in government roles like ______, ______, and ______, which the private sector couldn't efficiently supply.
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11
Smith's view on demand's effect on production
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12
Role of consumption in economic systems per Smith
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13
Smith on consumption, production, and growth link
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14
The economic theories of ______ form the foundation of the classical school of economics.
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