Flashcards: Adam Smith

The founder of modern economics

The study of how people produce, buy and sell goods and services

Goods are things you buy like cars and food

Tasks you pay people to do like car repairs and dentistry

Goods sold to other countries

Goods bought from other countries

A worker can sell their labour or produce goods using labour

When you produce more goods and services

A market free of government interference - "Let it be"

can be increased with higher productivity