2019-04-18T13:01:06+03:00[Europe/Moscow] en true Adam Smith, economics, goods, services, exports, imports, labour, productivity, laissez-faire, wealth flashcards
Adam Smith

Adam Smith

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  • Adam Smith
    The founder of modern economics
  • economics
    The study of how people produce, buy and sell goods and services
  • goods
    Goods are things you buy like cars and food
  • services
    Tasks you pay people to do like car repairs and dentistry
  • exports
    Goods sold to other countries
  • imports
    Goods bought from other countries
  • labour
    A worker can sell their labour or produce goods using labour
  • productivity
    When you produce more goods and services
  • laissez-faire
    A market free of government interference - "Let it be"
  • wealth
    can be increased with higher productivity